CATHOLIC UNITED INVESTMENT TRUST

SEMI-ANNUAL REPORT

(UNAUDITED)

June 30, 2016 CATHOLIC UNITED INVESTMENT TRUST

TABLE OF CONTENTS

Page

Statement of Assets and Liabilities 1-2

Schedule of Investments: Money Market Fund 3-5 Short Bond Fund 6-9 Intermediate Diversified Bond Fund 10-19 Opportunistic Bond Fund 20-25 Balanced Fund 26-35 Value Equity Fund 36-38 Core Equity Index Fund 39-45 Growth Fund 46-49 International Equity Fund 50-54 Small Capitalization Equity Index Fund 55-71

Statements of Operations 72-74 Statements of Changes in Net Assets 75-77

NOTES TO FINANCIAL STATEMENTS 78-92

FINANCIAL HIGHLIGHTS 93-95 CATHOLIC UNITED INVESTMENT TRUST

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2016

(Amounts in thousands, except per trust unit amounts) Intermediate Diversified Bond Opportunistic ASSETS: Money Market Fund Short Bond Fund Fund Bond Fund Investments, at amortized cost $ 58,456 $ 353,893 $ 1,179,300 $ 412,427 Investments, at fair value $ 58,456 $ 352,926 $ 1,217,186 $ 413,870 Cash - - - 8,581 Restricted Cash - - - - Receivables: Investment securities sold - 35 757 6 Interest 70 2,168 7,439 2,777 Dividends - - - 27 Tax Reclaims Dividends - - - - Trust units sold 26,638 15 155 136 Unrealized gain on forward foreign currency contracts - - - - Variation margin - - 360 - Prepaid Expenses - - - - Total assets 85,164 355,144 1,225,897 425,397

LIABILITIES: Payables: Securities sold short at fair value (proceeds $7,342) - - - 7,367 Interest Payable - 27 101 21 Investment securities purchased 11 2,023 - 3,123 Investment advisory and administrative fees 13 86 366 126 Other fees - 17 47 17 Trust units redeemed 34 13,061 6,650 182 Total liabilities 58 15,214 7,164 10,836

NET ASSETS $ 85,106 $ 339,930 $ 1,218,733 $ 414,561

NET ASSETS CONSIST OF: Paid-in capital $ 85,110 $ 336,408 $ 1,027,564 $ 410,647 Accumulated undistributed net investment income (loss) - - - - Accumulated net realized gain (loss) (4) 4,489 157,051 2,463 Net unrealized appreciation (depreciation) on investments and future contracts - (967) 34,118 1,451 Net unrealized gain (loss) on forward foreign currency contracts - - - - NET ASSETS $ 85,106 $ 339,930 $ 1,218,733 $ 414,561

TRUST UNITS OUTSTANDING 85,110 30,511 85,831 41,263

NET ASSET VALUE PER TRUST UNIT OUTSTANDING $ 1.00 $ 11.14 N/A N/A

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A $ 148,407 $ 70,087 Trust Units Outstanding N/A N/A 10,446 6,975 Net Asset Value Per Trust Unit Outstanding N/A N/A $ 14.21 $ 10.05

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A N/A $ 1,070,326 $ 344,474 Trust Units Outstanding N/A N/A 75,385 34,288 Net Asset Value Per Trust Unit Outstanding N/A N/A $ 14.20 $ 10.05

See notes to financial statements. 1 CATHOLIC UNITED INVESTMENT TRUST

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2016

(Amounts in thousands, except per trust unit amounts) Small Capitalization Value Equity Core Equity International Equity Index ASSETS: Balanced Fund Fund Index Fund Growth Fund Equity Fund Fund Investments, at amortized cost $ 177,345 $ 301,742 $ 1,154,507 $ 252,576 $ 627,401 $ 268,212 Investments, at fair value $ 201,251 $ 343,382 $ 1,467,568 $ 294,891 $ 621,271 $ 318,497 Cash - - - - 82 825 Restricted Cash - - 193 - - - Receivables: Investment securities sold 76 1,705 - 2,932 661 - Interest 518 1 3 153 5 1 Dividends 107 291 1,217 - 1,618 412 Tax Reclaims Dividends - - - - 572 - Trust units sold 10 613 95 254 752 92 Unrealized gains on forward foreign currency contracts - - - - 12 - Variation margin 32 - 53 - - - Prepaid Expenses 2 - 7 - - - Total assets 201,996 345,992 1,469,136 298,230 624,973 319,827

LIABILITIES: Payables: Securities sold short at fair value ------Interest Payable 3 31 131 - - - Investment securities purchased - 1,454 - 2,296 230 999 Investment advisory and administrative fees 135 228 200 229 509 78 Other fees 19 28 63 25 40 20 Trust units redeemed - 1,779 2,374 2,045 2,122 1,464 Total liabilities 157 3,520 2,768 4,595 2,901 2,561

NET ASSETS $ 201,839 $ 342,472 $ 1,466,368 $ 293,635 $ 622,072 $ 317,266

NET ASSETS CONSIST OF: Paid-in capital $ (55,314) $ 31,387 $ 679,293 $ 3,220 $ 318,083 $ 162,424 Accumulated undistributed net investment income (loss) (4) - - (997) 88,369 29,000 Accumulated net realized gain (loss) 233,603 269,444 474,027 249,097 221,751 75,557 Net unrealized appreciation (depreciation) on investments and future contracts 23,554 41,641 313,048 42,315 (6,130) 50,285 Net unrealized gain (loss) on forward foreign currency contracts - - - - (1) - NET ASSETS $ 201,839 $ 342,472 $ 1,466,368 $ 293,635 $ 622,072 $ 317,266

TRUST UNITS OUTSTANDING 2,763 6,755 30,931 3,964 19,890 19,575

NET ASSET VALUE PER TRUST UNIT OUTSTANDING $ 73.04 N/A N/A N/A N/A N/A

CLASS A SHARES Net Assets Applicable to Trust Units Outstanding N/A $ 133,595 $ 127,740 $ 126,827 $ 172,671 $ 100,193 Trust Units Outstanding N/A 2,631 2,694 1,752 5,792 6,295 Net Asset Value Per Trust Unit Outstanding N/A $ 50.77 $ 47.42 $ 72.38 $ 29.81 $ 15.92

CLASS B SHARES Net Assets Applicable to Trust Units Outstanding N/A $ 208,877 $ 1,338,628 $ 166,808 $ 449,401 $ 217,073 Trust Units Outstanding N/A 4,124 28,237 2,212 14,098 13,280 Net Asset Value Per Trust Unit Outstanding N/A $ 50.64 $ 47.41 $ 75.40 $ 31.88 $ 16.35

See notes to financial statements. 2 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND JUNE 30, 2016

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities Asset Backed Securities 1.56% Corporate Obligations 28.52% U.S. Agency Obligations 33.85% U.S. Government Obligations 2.07% Repurchase Agreements 2.12% Dreyfus Government Cash Management Fund 0.57% Other Assets, Less Liabilities 31.31%

3 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND JUNE 30, 2016

Principal Percent of Amortized Principal Percent of Amortized Amount Net Assets Cost (000's) Amount Corporate Obligations (continued) Net Assets Cost (000's) Asset Backed Securities 1.56% Financial Services (continued) 173,685 Ally Auto Receivable Trust, 0.8501%, due 1/16/18 $ 174 500,000 Natixis/New York NY, 0.610%, due 9/13/16 $ 500 244,855 Ally Auto Receivable Trust, 0.950%, due 6/20/18 245 250,000 New York Life Global Funding, 0.683%, due 8/5/16 250 201,831 Chesapeake Funding LLC, 0.914%, due 1/7/25 202 500,000 Noreda Bank Finland ,0.510%, due 9/14/16 500 41,742 First Investors Auto Owner Trust 2013-2, 1.230%, due 3/15/19 42 500,000 PNC Bank NA, 1.125%, due 1/27/17 501 131,641 First Investors Auto Owner Trust 2014-3, 1.060%, due 11/15/18 131 500,000 Royal Bank of Canada, 2.300%, due 7/20/16 500 284,865 Hyundai Auto Lease Securitization Trust,1.000%, due 10/16/17 285 600,000 Shell International Finance BV, 0.949%, due 5/10/17 600 109,418 World Omni Automobile Lease Securitization Tr, 0.710%, due 3/15/17 109 500,000 Sumitomo Mitsui Banking Corp., 0.450%, due 8/22/16 500 143,321 World Omni Automobile Lease Securitization Tr, 0.830%, due 8/15/18 143 600,000 Svenska Handelsbanken AB,1.112%, due 9/23/2016 600 TOTAL ASSET BACKED SECURITIES 1,331 500,000 The Toronto-Dominion Bank 0.799%, due 7/13/2016 500 650,000 US Bank National Association, 0.748%, due 7/20/16 650 354,000 USAA Capital Corp, 2.250%, due 12/13/16 356 Corporate Obligations 28.52% 17,667 Consumer Discretionary 2.82% 650,000 American Honda Finance Corp., 0.810%, due 9/02/16 650 Health Care 1.18% 500,000 Nissan Motor Acceptance Corp., 1.231%, due 3/03/17 500 500,000 Bayer US Finance LLC, 0.876%, due 10/7/16 500 600,000 The Coco-Cola Co., 0.000%, due 7/12/16 600 500,000 UnitedHealth Group Inc., 1.083%, due 1/17/17 500 650,000 Toyota Motor Credit Corp., 0.816%, due 2/16/2017 650 1,000 2,400 Materials & Processing 0.70% Consumer Staples 0.59% 600,000 Caterpillar Financial Services Corp., 0.826%, due 6/9/17 599 500,000 PepsiCo Inc., 0.000%, due 8/19/16 500 Miscellaneous 0.59% 500,000 Province of Quebec Canada, 0.000%, due 9/14/16 499 Energy 0.47% 399,000 ChevronCorp, 0.000%, due 8/1/16 399 Technology 1.28% 591,000 International Business Machines Corp.,1.950%, due 7/22/16 591 Financial Services 20.76% 500,000 Microsoft Corp., 0.000%, due 7/13/16 500 500,000 Abbey National Treasury Services, 0.620%, due 9/13/16 500 1,091 250,000 ABN AMRO Bank NV 1.434%, due 10/28/16 250 623,000 American Express Credit Corp., 1.148%, due 7/29/16 623 Utilities 0.14% 600,000 Asian Development Bank, 0.621%, due 1/23/17 600 120,000 Duke Energy Progress LLC, 0.880%, due 3/16/17 120 600,000 Bank of America NA, 1.096%, due 2/14/17 600 400,000 Bank of Montreal 0.610%, due 9/13/16 400 TOTAL CORPORATE OBLIGATIONS 24,275 100,000 Bank of Montreal 1.148%, due 7/15/16 100 500,000 Bank of New York Mellon Corp., 2.400%, due 1/17/17 504 650,000 Bank of Nova Scotia, 0.938%, due 4/11/17 649 U.S. Agency Obligations 33.85% 650,000 Bank of Tokyo-Mitsubishi UFJ Ltd, 1.266%, due 9/9/16 650 Fannie Mae 1.18% 650,000 Berkshire Hathaway Finance Corp., 0.799%, due 1/13/17 650 1,000,000 1.250%, due 1/30/17 1,000 650,000 BNP Paribas SA 1.246%, due 12/12/16 651 600,000 BPCE SA, 0.000%, due 7/7/16 600 Fannie Mae, Discount Note 0.82% 650,000 Canadian Imperial Bank of Commerce NY, 0.793%, due 8/5/16 650 700,000 0.000%, due 7/25/16 700 500,000 Cooperative Rabobank UA/NY, 0.934%, due 11/23/16 500 575,000 Credit Agricole SA, 1.201%, due 6/12/17 576 Freddie Mac, Discount Note 6.17% 600,000 Credit Suisse AG/New York NY, 1.155%, due 5/26/17 599 1,500,000 0.000%, due 7/22/16 1,500 303,000 Fairway Finance LLC, 0.000%, due 8/29/16 303 1,750,000 0.000%, due 7/25/16 1,750 250,000 Fifth Third Bank 1.136%, due 11/18/16 250 2,000,000 0.000%, due 9/6/16 1,999 500,000 GE Capital Treasury Services US LLC, 0.000%, due 8/1/16 500 5,249 650,000 International Finance Corp, 0.618%, due 1/20/17 650 500,000 JPMorgan Chase & Co, 1.146%, due 2/15/17 500 Federal Farm Credit Banks 0.83% 500,000 MassMutual Global Funding II ,2.000%, due 4/5/17 505 700,000 5.125%, due 8/25/16 705 150,000 Metropolitan Life Global, 1.008%, due 4/10/17 150 250,000 MUFG Union Bank NA, 1.390%, due 9/26/16 250

4 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS MONEY MARKET FUND JUNE 30, 2016

Principal Percent of Amortized Principal Percent of Amortized Amount U.S. Agency Obligations (continued) Net Assets Cost (000's) Amount Net Assets Cost (000's) Federal Home Loan Bank 8.95% U.S. Government Obligations 2.07% 700,000 0.375%, due 8/25/16 $ 700 U.S Treasury Note 650,000 0.375%, due 9/1/16 650 750,000 0.428%, due 10/31/17 $ 750 980,000 0.410%, due 8/05/16 980 1,000,000 0.337%, due 7/31/17 1,000 1,000,000 0.433%, due 11/25/16 1,000 TOTAL U.S. GOVERNMENT OBLIGATIONS 1,750 735,000 0.462%, due 2/27/17 735 800,000 0.470%, due 8/22/16 800 1,000,000 0.497%, due 10/11/16 1,000 Short Term Investments 2.69% 600,000 0.500%, due 7/26/16 600 Repurchase Agreements 2.12% 1,000,000 0.875%, due 5/24/17 1,001 400,000 Barclays Repo, 0.400%, due 7/1/16 400 150,000 1.625%, due 12/9/16 151 1,400,000 Deutsche Bank Repo, 0.410%, due 7/1/16 1,400 7,617 1,800

Federal Home Loan Mortgage Corp 1.18% Short Term Investments 0.57% 1,000,000 0.875%, due 2/22/17 1,001 487,782 Dreyfus Government Cash Management Fund 488 TOTAL SHORT-TERM INVESTMENTS 2,288 Federal Home Loan Bank, Discount Note 14.73% 1,000,000 0.000%, due 7/1/16 1,000 1,400,000 0.000%, due 7/25/16 1,400 1,150,000 0.000%, due 7/29/16 1,150 TOTAL INVESTMENTS 68.69% 58,456 1,500,000 0.000%, due 8/1/16 1,499 (Cost $58,456,298) 2,000,000 0.000%, due 8/12/16 1,999 1,000,000 0.000%, due 8/16/16 999 Other Assets, Less Liabilities 31.31% 26,650 1,500,000 0.000%, due 9/2/16 1,499 2,000,000 0.000%, due 11/16/16 1,996 NET ASSETS 100.00% $ 85,106 1,000,000 0.000%, due 11/18/16 998 12,540

TOTAL U.S. AGENCY OBLIGATIONS 28,812

5 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND JUNE 30, 2016

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities Asset Backed Securities 14.78% Collateralized Mortgage Obligation 1.53% Commercial Mortgage Backed Securities 12.69% Corporate Obligations 41.10% Municipals 4.05% U.S. Agency Obligations 10.42% U.S. Government Obligations 17.42% Dreyfus Government Cash Management Fund 1.84% Liabilities Less, Other Assets -3.83%

6 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND JUNE 30, 2016

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Asset Backed Securities 14.78% Commercial Mortgage Backed Securities (continued) 2,425,000 AmeriCredit Automobile Receivable Trust, 1.520%, due 1/8/19 $ 2,428 1,465,162 Commercial Mortgage Trust 2007-GG11, 5.736%, due 12/10/49 $ 1,521 1,800,000 ARI Fleet Lease Trust 2016-A,1.820%, due 7/15/24 1,803 2,700,000 CSMC Trust 2015-SAND 1.7400%, due 8/15/30 2,680 2,950,000 BA Credit Card Trust, 1.360%, due 9/15/20 2,968 1,164,625 GE Capital Commercial Mortgage Corp, 5628%, due 11/10/45 1,163 3,475,000 Capital Auto Receivables Asset Trust, 1.830%, due 3/20/20 3,498 2,250,000 GS Mortgage Securities Corp Trust 2016, 3.692%, due 2/15/33 2,253 2,675,000 Chase Issuance Trust, 1.360%, due 4/15/20 2,691 2,800,000 GSCCRE Commercial Mortgage Trust 2015, 3.192%, due 8/15/32 2,759 2,081,758 CLI Funding V LLC, 3.380%, due 10/18/29 2,008 JP Morgan Chase Commercial Mortgage Securities Trust 2,050,000 CNH Equipment Trust, 1.630%, due 8/15/21 2,064 725,000 5.479%, due 5/15/45 726 2,425,000 CNH Equipment Trust, 1.660%, due 11/16/20 2,446 1,782,624 5.336%, due 5/15/47 1,798 302,158 College & University Facility Loan Trust Two, 4.000%, due 6/1/18 302 1,941,673 5.887%, due 2/12/49 1,985 1,777,500 DB Master Finance LLC 2015-1,3.262%, due 2/20/45 1,794 2,220,940 5.440%, due 6/12/47 2,255 66,014 Direct Capital Funding, 1.730%, due 8/20/18 66 2,496,294 5.793%, due 2/12/51 2,592 2,357,549 Dominos Pizza Mater Issuer, 5.216%, due 1/25/42 2,426 1,600,000 LB-UBS Commercial Mortgage Trust, 5.451%, due 9/15/39 1,593 826,246 FNA 2015-1 Trust 3.240, due 12/20/23 825 1,227,684 Morgan Stanley Capital, 5.793%, due 7/12/44 1,228 2,000,000 Ford Credit Auto Owner Trust 2014-REV1, 2.260%, due 11/15/25 2,040 2,444,841 Morgan Stanley Capital, 5.809%, due 12/12/49 2,538 2,600,000 Ford Credit Floorplan Master Owner Trust A, 1.490% due 9/15/19 2,613 1,812,327 Morgan Stanley Capital, 6.101%, due 6/11/49 1,880 3,000,000 GE Dealer Floorplan Master Note Trust, 0.828%, due 7/20/19 2,993 71,010 NCUA Guaranteed Notes Trust 2010-C1, 2.900%, due 10/29/20 71 545,049 Goal Capital Funding Trust 2006-1,0.782%, due 11/25/26 542 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 43,152 1,810,000 Golden Credit Card Trust, 1.770%, due 1/15/19 1,817 (Cost $44,902,205) 1,500,000 Great American Leasing, 1.440%, due 5/15/18 1,498 581,618 Harley-Davidson Motorcycle Trust 2015-1, 0.800%, due 1/15/19 581 Corporate Obligations 41.10% 829,063 MMAF Equipment Finance Trust, 1.350%, due 10/10/18 831 Consumer Discretionary 4.39% 9,982 MMAF Equipment Finance Trust, 2.100%, due 7/15/17 10 1,400,000 AmeriGas Finance LLC 7.000%, due 5/20/22 1,478 1,375,781 NYCTL 2014-A Trust, 1.340%, due 11/10/28 1,371 2,050,000 Diamond 1 Finance Corp, 3.480%,due 6/1/19 2,100 2,375,000 PFS Financing Corp.,1.042% due 2/15/19 2,367 1,950,000 Ford Motor Credit Co. LLC., 5.000%, due 5/15/18 2,066 35,677 Small Business Administration Participation, 5.788%, due 8/10/17 37 1,750,000 General Motors Financial Co. Inc., 2.400%,due 5/9/19 1,755 2,000,000 Synchrony Credit Card Master Note Trust, 1.600%, due 4/15/21 2,008 2,000,000 HD Supply Inc., 7.500%,due 7/15/20 2,095 1,204,167 Textainer Marine Containers III Ltd., 3.270%, due 10/20/39 1,162 1,575,000 HD Supply Inc.,7.125%, due 7/15/17 1,663 276,841 United States Small Business Administration, 4.570%, due 6/1/25 297 1,700,000 Macy's Retail Holdings Inc., 7.450%, due 7/15/17 1,800 37,482 United States Small Business Administration, 4.580%, due 3/1/18 38 1,900,000 MGM Resorts International, 7.625%, due 1/15/17 1,957 17,741 United States Small Business Administration, 5.250%, due 9/1/17 18 14,914 1,675,000 Volvo Financial Equipment LLC 2015-1A, 1.510%, due 6/17/19 1,677 3,000,000 World Financial Network Credit Crad, 1.760%, due 5/17/21 3,019 Consumer Staples 1.88% TOTAL ASSET BACKED SECURITIES 50,238 1,850,000 Bunge NA Finance LP, 5.9000%, due 04/01/2017 1,909 (Cost $50,307,148) 2,000,000 Samsung Electronics America Inc., 1.750%, due 4/10/17 2,005 941,194 Smith's Food & Drug Center Inc., 9.200%, due 7/2/18 1,021 Collateralized Mortgage Obligation 1.53% 1,425,000 Taco Bell Funding LLC, 3.832%, due 5/25/46 1,442 41,137 CHL Mortgage Pass-Throu 29 1A1, 0.993%, due 2/25/35 39 6,377 209,407 Community Program Loan Trust 1987 A, 4.500%, due 10/01/29 195 411,088 FDIC Guaranteed Notes Trust 2010-S3, 2.740%, due 12/3/20 420 Energy 3.76% 720,591 FDIC Trust 2013-R1, 1.150%, due 3/25/33 704 1,800,000 CNOOC Nexen Finance 2014- ULC, 1.625%, due 4/30/17 1,803 78,507 GSR Mortgage Loan Trust 2004-9, 3.011%, due 8/25/34 77 1,500,000 Kinder Morgan Inc./DE, 7.000%, due 6/15/17 1,562 509,637 Impac Secured Assets Trust, 0.803%, due 8/25/36 496 2,528,500 Petroleos Mexicanos, 1.700%, due 12/20/22 2,546 101,779 JP Morgan Mortgage Trust, 3.022%, due 8/25/34 102 1,407,250 Petroleos Mexicanos, 1.950%, due 12/20/22 1,429 1,801,470 La Hipotecaria Panamanian Trust 2014-1, 3.008%, due 11/24/42 1,835 1,476,000 Petroleos Mexicanos, 2.830%, due 2/15/24 1,547 520,272 Sequoia Mortgage Trust 1.855%, due 02/25/43 501 1,500,000 Range Resources Corp., 5.000%, due 8/15/22 1,414 706,079 Sequoia Mortgage Trust 1.874%, due 02/25/43 680 1,000,000 Sunoco Inc., 5.750%, due 1/15/17 1,019 167,691 Structured Adjustable, 2.717%, due 3/25/34 167 1,440,000 Tesoro Corp., 4.250%, due 10/1/17 1,472 TOTAL COLLATERALIZED MORTGAGE OBLIGATION 5,216 12,792 (Cost $5,304,711) Financial Services 21.70% 1,345,551 AA Aircraft Financing 2013-1 LLC, 3.596%, due 11/01/19 1,332 Commercial Mortgage Backed Securities 12.69% 535,460 Ahold Lease Series 2001-A-1 PA , 7.820%, due 1/2/20 576 448,178 BAMLL-DB Trust 2.343%, due 4/13/29 449 940,987 Ahold Lease Series 2001-A-1 PA, 8.620%, due 1/2/25 1,148 1,742,467 Bank of America Commercial Mortgage Trust, 5.723%, due 6/10/49 1,771 2,250,000 Ally Financial Inc,4.250%, due 4/15/21 2,247 1,260,883 Bear Stearns Commercial Mortgage Securities, 5.694%, due 6/11/50 1,303 2,528,601 Amal Ltd/Cayman Islands, 3.465%, due 8/21/21 2,667 1,750,000 CFCRE 2015-RUM Mortgage Trust 3.192%, due 7/15/30 1,707 2,110,000 American Express Co., 6.800%, due 09/01/66 2,107 2,105,606 Citigroup Commercial Mortgage Trust, 5.431%, due 10/15/49 2,110 2,000,000 ANZ New Zealand Int'l Ltd/London, 2.250%, due 2/1/19 2,035 334,548 COMM 2012 Mortgage Trust, 0.704%, due 10/15/45 334 1,825,000 Bank One Corp, 8.530%, due 3/1/19 2,126 1,119,042 COMM 2012 Mortgage Trust, 1.024%, due 6/10/46 1,119 1,400,000 BPCE SA, 1.625%, due 2/10/17 1,403 2,900,000 COMM 2012 Mortgage Trust, 2.365%, due 2/10/29 2,915 1,825,000 Citigroup Inc, 8.500%, due 5/22/19 2,151 2,340,000 COMM 2014 Mortgage Trust, 1.243%, due 3/15/29 2,300 2,400,000 Citizens Bank NA/Providence RI, 1.600%, due 12/4/17 2,401 2,150,000 COMM 2014 Mortgage Trust, 2.193%, due 6/15/34 2,102 1,550,000 Cooperative Centrale Raiffeisen-Bnk, 10.999%, due 12/29/49 1,848 1,500,000 Corrections Corp of America, 4.125%, due 4/1/20 1,543 2,250,000 Credit Suisse AG/New York NY, 1.375%, due 5/26/17 2,252

7 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND JUNE 30, 2016

Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Net Assets Value (000's) Financial Services (continued) Municipals 4.05% 1,825,000 Eaton Vance Corp., 6.500%, due 10/2/17 $ 1,927 2,600,000 Alaska Housing Financial Corp.,1.257%, due 6/1/43 $ 2,602 2,000,000 Fidelity National Information Services Inc.,5.000%, due 3/15/22 2,084 935,000 Arizona Water Infrastructure Fin. Authority, 1.413%, due 10/1/17 938 1,202,753 Gate Capital Cayman Two Ltd., 3.550%, due 6/11/21 1,270 1,825,000 California Housing Finance Agency, 1.796%, due 2/1/19 1,829 1,011,000 HCP Inc., 6.000%, due 1/30/17 1,037 140,000 Chicago Board of Education, 4.000%, due 12/1/16 142 1,400,000 International Lease Finance Co., 3.875%, due 4/15/18 1,426 400,000 Chicago Board of Education, 4.000%, due 12/1/16 403 1,800,000 IStar Financial Inc., 4.000%, due 11/1/17 1,771 1,500,000 City of Redlands CA 5.650%, due 8/1/17 1,537 1,400,000 Jefferies Group LLC,5.125%, due 4/13/18 1,464 625,000 Denver City & County School District No 1, 0.000%, due 12/15/16 621 2,000,000 Lloyds Bank PLC, 2.050%, due 1/22/19 1,995 2,000,000 Denver City & County School District No 1, 2.123%, due 9/1/17 2,015 1,925,000 MUFG Union Bank NA, 2.625%, due 9/26/18 1,967 324,132 Louisiana Local Government Environmental, 2.470%, due 2/1/19 325 2,000,000 National Australia Bank Ltd, 7.999%, due 9/29/49 2,029 1,500,000 New Jersey Economic Development Authority, 0.000%, due 2/15/18 1,455 2,000,000 Omega Healthcare Investors Inc., 5.875%, due 3/15/24 2,095 1,880,000 New Jersey Economic Development Authority, 1.802%, due 6/15/17 1,888 2,768,892 Pershing Road Development Co. LLC, 1.073%, due 9/1/26 2,464 TOTAL MUNICIPALS 13,755 1,870,000 PNC Preferred Funding Trust, 1.874% due 3/29/49 1,646 (Cost $13,726,617) 2,925,379 Premier Aircraft Leasing EXIM 1 Ltd, 3.547%, due 4/10/22 3,084 2,099,443 Premier Aircraft Leasing EXIM 1 Ltd, 3.576%, due 2/6/22 2,226 U.S. Agency Obligations 10.42% 1,330,000 Royal Bank Scotland PLC,9.500%, 3/16/22 1,381 Federal National Mortgage Association 1.88% 3,009,581 Safina Ltd, 1.550%, due 1/15/22 3,020 2,955,663 2.500%, due 9/1/24 3,071 1,475,000 Scottrade Financial Services Inc., 6.125%, due 7/11/21 1,587 5,528 3.310%, due 2/25/32 6 1,398,975 Sovereign Bank Lease Pass-Through Trust, 12.180%, due 6/30/20 1,806 922,615 4.000%, due 3/1/31 999 1,800,000 State Street Corp., 4.956%, due 3/15/18 1,887 1,033,982 4.500%, due 8/1/38 1,129 3,362,143 Tagua Leasing LLC, 1.900%, due 7/12/24 3,404 199,119 5.000%, due 4/1/24 214 2,831,250 Ulani MSN 35940 LLC, 2.227%, due 5/16/25 2,904 432,464 5.000%, due 3/1/34 483 1,250,000 UniCredit Bank Austria AG, 7.250%, due 2/15/17 1,283 255,057 5.500%, due 2/1/23 276 242,600 Utility Contract Funding LLC, 7.944%, due 10/1/16 246 48,128 5.500%, due 8/1/37 53 1,800,000 Wells Fargo Bank NA., 6.000%, due 11/15/17 1,915 129,603 5.564%, due 8/25/39 147 73,754 6,378

Materials & Processing 2.34% Freddie Mac 0.56% 2,250,000 Carlisle Cos Inc., 6.125%, due 8/15/16 2,262 362,126 1.303%, due 4/25/24 362 1,700,000 Copano Energy LLC, 7.125%, due 4/1/21 1,761 892,617 2.000%, due 3/15/30 908 1,750,000 Roper Technologies Inc., 6.250%, due 9/1/19 1,971 564,644 5.000%, due 7/1/35 629 1,950,000 SBA Tower Trust, 5.101%, due 4/15/42 1,956 1,899 7,950 Government National Mortgage Association 4.54% Producer Durables 2.88% 1,713,043 0.514%, due 5/16/35 1,687 1,875,000 Anheuser-Busch InBev Worldwide Inc., 7.750%, due 1/15/19 2,169 1,174,869 1.614%, due 7/16/39 1,166 2,301,435 Federal Express Corp., 2.625%, due 1/15/18 2,324 975,218 1.738%, due 1/16/34 977 1,032,404 Federal Express Corp., 7.840%, due 1/30/18 1,102 490,792 2.320%, due 6/20/61 513 1,550,000 Ryder System Inc., 3.500%, due 6/1/17 1,579 2,467,802 2.800%, due 5/16/39 2,523 2,000,000 Tyco International Finance SA 3.750%, due 1/15/18 2,042 3,107,115 2.917%, due 6/16/40 3,201 535,000 WestRock MWV LLC, 7.650%, due 3/15/27 581 347,608 3.000%, due 5/20/40 360 9,797 2,450,558 3.000%, due 11/16/44 2,517 2,398,076 3.619%, due 9/16/41 2,472 Transportation 1.86% 15,416 Burlington Northern and Santa Fe Railway Co. 2000-1 Pass Through Trust 2,246,477 5.720%, due 1/15/24 2,524 Government Backed Agency 3.46% 2,824,868 6.462%, due 1/15/21 3,095 2,200,000 Overseas Private Investment Corp., 0.000%, due 7/12/16 2,233 610,119 8.251%, due 1/15/21 690 210,526 Overseas Private Investment. Corp., 0.570%, due 6/15/17 210 6,309 3,185,000 Overseas Private Investment. Corp., 0.000%, due 11/17/17 3,237 2,000,000 Residual Funding Corp Principal Strip 0.000%, due 10/15/19 1,936 Utilities 2.30% 349,402 Small Business Administration Pools, 0.875%, due 11/25/29 349 1,875,000 Frontier Communications Corp., 6.250%, due 9/15/21 1,768 1,671,180 Small Business Administration Pools, 0.889%, due 5/25/39 1,659 1,261,058 Great River Energy, 5.829%, due 7/1/17 1,308 562,356 Small Business Administration Pools, 0.900%, due 1/25/26 561 985,714 Southern California Edison Co., 1.845%, due 2/1/22 979 128,455 Small Business Administration Pools,1.000%, due 6/25/20 129 1,625,000 T-Mobile USA Inc., 6.625%, due 4/1/23 1,721 211,334 Small Business Administration Pools, 1.249%, due 4/25/19 212 1,825,000 Verizon Communications Inc.,4.500%, due 9/15/20 2,026 89,376 Small Business Administration Pools,1.249%, due 1/25/28 90 7,802 400,404 Small Business Administration Pools, 1.249%, due 9/25/28 403 TOTAL CORPORATE OBLIGATIONS 139,695 732,000 Tennessee Valley Authority Strip, 0.000%, due 6/15/17 727 (Cost $139,793,768) 11,746 TOTAL U.S. AGENCY OBLIGATIONS 35,439 (Cost $35,100,821)

8 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SHORT BOND FUND JUNE 30, 2016

Principal Percent of Fair Principal Percent of Fair Amount U.S. Government Obligations Net Assets Value (000's) Amount Net Assets Value (000's) U.S. Treasury Notes 17.42% Short Term Investments 1.84% 17,200,000 0.625%, due 4/30/18 $ 17,211 6,250,302 Dreyfus Government Cash Management Fund $ 6,250 5,000,000 1.000%, due 3/31/17 5,019 TOTAL SHORT TERM INVESTMENTS 10,000,000 1.500%, due 2/28/19 10,214 (Cost $6,250,302) 26,000,000 1.625%, due 6/30/20 26,737 TOTAL U.S. GOVERNMENT OBLIGATIONS 59,181 TOTAL INVESTMENTS 103.82% 352,926 (Cost $58,507,535) (Cost $353,893,107)

Liabilities Less, Other Assets -3.83% (12,996)

NET ASSETS 100.0% $ 339,930

9 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND JUNE 30, 2016

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Fixed Income Securities Asset Backed Securities 1.75% Collateralized Mortgage Obligation 0.01% Commercial Mortgage Backed Securities 0.75% Corporate Obligations 32.87% Municipals 1.29% U.S. Agency Obligations 18.91% U.S. Government Obligations 39.40% Dreyfus Government Cash Management Fund 4.89% Other Assets, Less Liabilities 0.13%

10 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND JUNE 30, 2016

Par Percent of Fair Par Percent of Fair Amount Net Assets Value (000's) Amount Net Assets Value (000's) Asset Backed Securities 1.75% Corporate Obligations (continued) 130,000 AEP Texas Central Transition Funding III LLC, 2.845%, due 3/1/26 $ 138 Consumer Discretionary (continued) 721,709 Ally Auto Receivables Trust 2016-1,1.200%, due 8/15/18 723 700,000 Cox Communications Inc., 5.875%, due 12/1/16 $ 712 1,015,000 Ally Auto Receivables Trust 2015-1, 1.390%, due 9/16/19 1,018 300,000 Cox Communications Inc., 9.375%, due 1/15/19 349 990,000 Ally Auto Receivables Trust 2016-3, 1.190%, due 12/17/18 991 2,170,000 CVS Health Corp., 3.500%, due 7/20/22 2,336 1,710,000 Ally Master Owner Trust, 1.430%, due 6/17/19 1,714 1,655,000 Ford Motor Credit Co. LLC, 2.145%, due 1/9/18 1,669 1,420,000 Ally Master Owner Trust, 1.540%, due 9/15/19 1,424 1,090,000 Ford Motor Credit Co. LLC, 2.551%, due 10/5/18 1,110 163,896 Centerpoint Energy Transition Bond Co. III LLC,4.192%, due 2/1/20 164 1,090,000 Ford Motor Credit Co. LLC, 2.597%, due 11/4/19 1,115 1,500,000 Chase Issuance Trust, 1.590%, due 2/18/20 1,516 700,000 Ford Motor Credit Co. LLC, 3.219%, due 1/9/22 717 3,360,000 Ford Credit Auto Owner Trust 2015-REV1,2.120%, due 7/15/26 3,411 500,000 Ford Motor Credit Co. LLC, 4.250%, due 9/20/22 539 1,310,000 Ford Credit Auto Owner Trust/Ford Credit, 2.260%, due 11/15/25 1,336 975,000 Ford Motor Credit Co. LLC, 4.375%, due 8/6/23 1,060 1,590,000 Ford Credit Floorplan Master Owner Trust A, 1.400%, 8/15/19 1,592 780,000 Ford Motor Credit Co. LLC, 5.000%, due 5/15/18 826 370,000 Ford Credit Floorplan Master Owner Trust A, 1.500%, due 9/15/18 370 600,000 Ford Motor Credit Co. LLC, 5.750%, due 2/1/21 682 1,610,000 Hertz Vehicle Financing II LP, 2.020%, due 9/25/19 1,614 550,000 Ford Motor Credit Co. LLC, 5.875%, due 8/2/21 631 846,667 Hertz Vehicle Financing LLC, 1.120%, due 8/25/17 846 1,430,000 Ford Motor Credit Co. LLC, 8.125%, due 1/15/20 1,706 1,380,000 Honda Auto Receivables 2016-2 Owner Trust, 1.130%, due 9/15/18 1,383 425,000 Macy's Retail Holdings Inc., 4.500%, due 12/15/34 376 711,224 RSB Bondco LLC, 5.820%, due 6/28/19 728 740,000 Macy's Retail Holdings Inc., 6.375%, due 3/15/37 749 2,212,764 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30 2,255 1,025,000 Macy's Retail Holdings Inc., 6.650%, due 7/15/24 1,185 68,595 Structured Asset Securities Corp. Mortgage , 1.053%, due 12/25/35 68 2,825,000 Macy's Retail Holdings Inc., 6.700%, 7/15/34 3,044 TOTAL ASSET BACKED SECURITIES 21,291 115,000 Macy's Retail Holdings Inc., 6.700%, due 9/15/28 124 (Cost $21,221,714) 145,000 Macy's Retail Holdings Inc., 6.900%, 1/15/32 155 25,000 Macy's Retail Holdings Inc., 7.000%, due 2/15/28 28 Collateralized Mortgage Obligation 0.01% 820,000 McDonald's Corp., 2.100%, due 12/7/18 839 92,495 Vendee Mortgage Trust 1993-1, 7.250%, due 2/15/23 105 3,075,000 Myriad International Holdings BV, 5.500%, due 7/21/25 3,198 33,650 Vendee Mortgage Trust 1995-1, 7.972%, due 2/15/25 38 850,000 Myriad International Holdings BV, 6.000, due 7/18/20 928 12,297 Vendee Mortgage Trust 1995-2, 8.792%, due 6/15/25 15 1,165,000 Nordstrom Inc., 6.950%, due 3/15/28 1,435 6,378 Vendee Mortgage Trust 1998-2, 8.692%, due 8/15/27 8 1,580,000 RELX Capital Inc., 3.125%, due 10/15/22 1,606 TOTAL COLLATERALIZED MORTGAGE OBLIGATION 166 345,000 RELX Capital Inc., 8.625%, due 1/15/19 398 (Cost $151,100) 1,530,000 The Kroger Co., 2.950%, due 11/1/21 1,608 950,000 Time Warner Cable Inc., 4.000%, due 9/1/21 1,010 Commercial Mortgage Backed Securities 0.75% 1,354,000 Time Warner Cable Inc., 4.125%, due 2/15/21 1,433 2,040,000 CFCRE Commercial Mortgage Trust 2016-C3, 3.865%, due 1/10/48 2,253 1,100,000 Time Warner Cable Inc., 6.750%, due 6/15/39 1,292 376,440 Citigroup Commercial Mortgage Trust 2012-GC8, 0.685%, due 9/10/45 376 50,000 Time Warner Cable Inc., 7.300%, due 7/1/38 63 88,269 Commercial Mortgage Pass Through Cert., 0.666%, due 10/15/45 88 870,000 Time Warner Cable Inc., 8.250%, due 4/1/19 1,010 1,397,359 Commercial Mortgage Trust 2007-GG9, 5.444%, due 3/10/39 1,410 1,510,000 Time Warner Cable Inc., 8.750%, due 2/14/19 1,763 545,293 GS Mortgage Securities Corp. II, 0.662%, due 11/10/45 545 1,040,000 Time Warner Cos Inc., 6.950%, due 1/15/28 1,346 1,015,999 JPMBB Commercial Mortgage Securities Trust ,1.260%, due 8/15/46 1,017 780,000 Time Warner Inc., 5.375%, due 10/15/41 897 1,530,000 Morgan Stanley Bank of America ML Tr. ,3.211%, due 10/15/48 1,597 400,000 Time Warner Inc., 6.250%, due 3/29/41 503 38,382 NCUA Guaranteed Notes Trust 2010-C1, 2.650%, due 10/29/20 38 2,836,000 Time Warner Inc., 7.625%, due 4/15/31 3,890 686,454 UBS-Barclays Commercial Mortgage Trust, 0.726%, due 8/10/49 685 1,750,000 Time Warner Inc., 7.700%, due 5/1/32 2,443 514,075 Wells Fargo Commercial Mortgage Trust , 0.687%, due 10/15/45 513 1,975,000 Walgreens Boots Alliance Inc/old, 3.300%, due 11/18/21 2,071 581,807 WFRBS Commercial Mortgage Trust, 0.734%, due 12/15/45 581 95,000 Walgreens Boots Alliance Inc/old, 4.800%, due 11/18/44 102 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 9,103 2,045,000 Wal-Mart Stores Inc., 4.300%, due 4/22/44 2,386 (Cost $8,954,351) 2,800,000 Diamond 1 Finance Corp., 4.420%,due 6/15/21 2,882 1,275,000 Diamond 1 Finance Corp., 5.450%,due 6/15/23 1,323 Corporate Obligations 32.87% 68,932 Consumer Discretionary 5.66% 25,000 21st Century Fox America Inc., 5.650%, due 8/15/20 29 Consumer Staples 0.63% 675,000 21st Century Fox America Inc., 6.150%, due 3/1/37 838 2,585,000 Anheuser-Busch InBev Finance Inc.,3.330%, due 2/1/23 2,724 325,000 21st Century Fox America Inc., 6.400%, due 12/15/35 413 440,000 Anheuser-Busch InBev Finance Inc.,3.750%, due 7/15/42 440 810,000 21st Century Fox America Inc., 6.650%, due 11/15/37 1,062 840,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18 856 810,000 Caterpillar Financial Services Corp., 2.750%, due 8/20/21 855 125,000 Dillard's Inc., 7.130%, due 8/1/18 136 1,010,000 Charter Communications Operating LLC, 4.908%, due 7/23/25 1,104 165,000 Kraft Foods Group Inc., 3.500%, due 6/6/22 175 800,000 Charter Communications Operating LLC, 6.484%, due 10/23/45 955 2,095,000 Kraft Foods Group Inc., 3.500%, due 7/15/22 2,225 175,000 Comcast Corp., 3.125%, due 7/15/22 187 480,000 Kraft Foods Group Inc., 4.375%, due 6/1/46 508 2,055,000 Comcast Corp.,4.400%, due 8/15/35 2,318 295,000 Kraft Foods Group Inc., 6.500%, due 2/9/40 390 50,000 Comcast Corp.,6.300%, due 11/15/17 54 245,000 SABMiller Holdings Inc., 3.750%, due 1/15/22 263 520,000 Comcast Corp.,6.500%, due 1/15/17 535 7,717 1,925,000 Cox Communications Inc., 2.950%, due 6/30/23 1,855 2,375,000 Cox Communications Inc., 3.250%, due 12/15/22 2,368 2,800,000 Cox Communications Inc., 3.850%, due 2/1/25 2,820

11 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND JUNE 30, 2016

Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Corporate Obligations (continued) Net Assets Value (000's) Energy 6.14% Financial Services 11.46% 575,000 Anadarko Petroleum Corp., 4.500%, due 7/15/44 $ 528 300,000 Allstate Corp., 3.150%, due 6/15/23 $ 319 1,375,000 Anadarko Petroleum Corp., 6.450%, due 9/15/36 1,584 930,000 Ally Financial Inc., 3.250%, due 11/5/18 929 1,215,000 BG Energy Capital PLC, 4.000%, due 10/15/21 1,325 1,590,000 Ally Financial Inc., 3.600%, due 5/21/18 1,594 2,875,000 ConocoPhillips Co., 3.350%, due 11/15/24 2,962 2,345,000 American Express Credit Corp., 2.250%, due 8/15/19 2,394 1,505,000 ConocoPhillips Co., 4.150%, due 11/15/34 1,520 1,525,000 American Express Credit Corp., 2.600%, due 9/14/20 1,575 1,275,000 ConocoPhillips Co.,5.750%, due 2/1/19 1,403 1,050,000 American International Group Inc., 6.400%, due 12/15/20 1,235 2,010,000 Consolidated Edison Co. of New York Inc.,4.450%, due 3/15/44 2,264 1,775,000 American International Group Inc.,3.900%, due 4/1/26 1,829 1,050,000 Corp Nacional del Cobre de Chile, 4.500%, due 9/16/25 1,099 695,000 Bank of America Corp., 4.000%, due 1/22/25 708 715,000 Devon Energy Corp., 5.850%, due 12/15/25 789 3,430,000 Bank of America Corp., 4.200%, due 8/26/24 3,546 865,000 Dominion Resources Inc/VA, 2.500%, due 12/1/19 884 1,050,000 Bank of America Corp., 4.250%, due 10/22/26 1,089 425,000 Dominion Resources Inc/VA, 2.691%, due 7/1/19 433 560,000 Bank of America Corp., 4.450%, due 3/3/26 586 600,000 Dominion Resources Inc/VA,4.104%, due 4/1/21 635 800,000 Bank of America Corp., 5.420%, due 3/15/17 822 385,000 Duke Energy Florida Inc., 3.850%, due 11/15/42 407 1,525,000 Bank of America Corp., 5.625%, due 7/1/20 1,716 330,000 Duke Energy Progress LLC., 3.000%, due 9/15/21 352 380,000 Bank of America Corp., 5.650%, due 5/1/18 407 1,050,000 Enel Finance International NV, 6.000%, due 10/7/39 1,241 1,065,000 Bank of America Corp., 6.500%, due 8/1/16 1,069 1,325,000 Enel Finance International NV, 6.800%, due 9/15/37 1,718 1,400,000 Bank of America Corp., 7.625%, due 6/1/19 1,620 1,895,000 Energy Transfer Partners LP, 4.050%, due 3/15/25 1,860 2,000,000 Bank of America NA, 1.750%, due 6/5/18 2,013 1,875,000 Ensco PLC, 4.700%, due 3/15/21 1,558 550,000 Bank of America NA, 2.050%, due 12/7/18 558 930,000 Ensco PLC, 5.750%, due 10/1/44 558 775,000 Bank of America NA, 2.625%, due 4/19/21 787 1,120,000 Exelon Corp., 3.950%, due 6/15/25 1,197 875,000 Bank of America NA, 3.500%, due 4/19/26 904 450,000 Fortive Corp., 2.350%, due 6/15/21 457 865,000 Bank of America NA, 6.100%, due 6/15/17 902 3,350,000 Kinder Morgan Inc/DE, 4.300%, due 6/1/25 3,430 1,525,000 Bank of New York Mellon Corp., 2.200%, due 3/4/19 1,556 4,850,000 Kinder Morgan Inc/DE, 5.550%, due 6/1/45 4,928 2,310,000 Bank of New York Mellon Corp., 3.400%, due 5/15/24 2,476 2,425,000 Kinder Morgan Inc/DE, 5.625%, due 11/15/23 2,597 1,095,000 Bank One Capital III, 8.750%, due 9/1/30 1,601 1,625,000 Marathon Oil Corp., 3.850%, due 6/1/25 1,493 100,000 Bank One Corp., 7.625%, due 10/15/26 132 320,000 MidAmerican Energy Co., 5.800%, due 10/15/36 419 2,025,000 Barclays PLC, 4.375%, due 9/11/24 1,958 1,200,000 Motiva Enterprises LLC, 5.750%, due 1/15/20 1,310 55,000 Berkshire Hathaway Inc.,6.125%, due 4/1/36 73 385,000 Noble Holding International Ltd., 3.950%, due 3/15/22 268 445,000 Berkshire Hathaway Inc.,6.500%, due 9/15/37 612 370,000 Noble Holding International Ltd., 6.949%, due 4/1/25 295 2,700,000 BNP Paribas SA, 4.250%, due 10/15/24 2,777 1,250,000 Pacific Gas & Electric Co., 5.625%, due 11/30/17 1,326 2,425,000 BNP Paribas SA, 4.375%, due 9/28/25 2,459 690,000 PacifiCorp., 6.350%, due 7/15/38 970 35,804 BNSF Railway Co Pass Through Trust, 5.996%, due 4/1/24 42 825,000 PECO Energy Co., 4.150%, due 10/1/44 942 2,050,000 Boston Properties LP, 3.125%, due 9/1/23 2,107 525,000 Petrobras Global Finance BV, 4.375%, due 5./20/23 426 50,000 Boston Properties LP, 3.700%, due 11/15/18 52 1,315,000 Petrobras Global Finance BV, 5.375%, due 1/27/21 1,204 725,000 Boston Properties LP, 3.850%, due 2/1/23 776 400,000 Petrobras Global Finance BV, 6.250%, due 3/17/24 355 375,000 Boston Properties LP, 4.125%, due 5/15/21 409 520,000 PETROLEOS DE VEN, 5.375%, due 4/12/27 181 125,000 Boston Properties LP, 5.625% due 11/15/20 143 4,280,000 PETROLEOS DE VEN, 6.000%, due 11/15/26 1,492 500,000 Boston Properties LP, 5.875% due 10/15/19 562 995,000 Petroleos Mexicanos, 3.500%, due 7/18/18 1,001 1,135,000 Capital One Financial Corp., 1.650%, due 2/5/18 1,136 750,000 Petroleos Mexicanos, 4.250%, due 1/15/25 722 1,703,000 Capital One Financial Corp., 3.500%, due 6/15/23 1,757 740,000 Petroleos Mexicanos, 4.500%, due 1/23/26 712 1,375,000 Capital One Financial Corp., 3.75%, due 4/24/24 1,435 1,350,000 Petroleos Mexicanos, 4.875%, due 1/18/24 1,369 1,000,000 Capital One Financial Corp., 4.200%, due 10/29/25 1,028 2,105,000 Petroleos Mexicanos, 5.625%, due 1/23/46 1,919 850,000 Capital One Financial Corp., 4.750%, due 7/15/21 946 1,925,000 Petroleos Mexicanos, 6.375%, due 1/23/45 1,935 995,000 Capital One NA, 2.350%, due 8/17/18 1,009 1,750,000 Petroleos Mexicanos, 6.625%, due 6/15/35 1,804 2,085,000 Citigroup Inc., 1.800%, due 2/5/188230 2,094 1,750,000 Petroleos Mexicanos, 6.875%, due 8/4/26 1,957 990,000 Citigroup Inc., 2.150%, due 7/30/18 1,002 945,000 Plains All American Pipeline LP, 4.650%, due 10/15/25 954 520,000 Citigroup Inc., 2.500%, due 9/26/18 530 445,000 PSEG Power LLC, 2.750%, due 9/15/16 446 1,775,000 Citigroup Inc., 3.500%, due 5/15/23 1,811 395,000 Public Service Co. of New Hampshire, 3.500%, due 11/1/23 424 1,870,000 Citigroup Inc., 4.050%, due 7/30/22 1,970 2,175,000 Schlumberger Holdings Corp., 3.000%, due 12/21/20 2,268 2,480,000 Citigroup Inc., 4.500%, due 1/14/22 2,741 850,000 Shell International Finance BV, 3.400%, due 8/12/23 903 175,000 Citigroup Inc., 6.625%, due 6/15/32 214 3,930,000 Shell International Finance BV, 4.125%, due 5/11/35 4,238 345,000 Citigroup Inc., 8.125%, due 7/15/39 538 455,000 Statoil ASA, 3.700%, due 3/1/24 491 740,000 Citigroup Inc.,2.326%, due5/15/18 753 315,000 Suncor Energy Inc., 6.500%, due 6/15/38 406 675,000 Citigroup Inc.,3.400%, due 5/1/26 692 910,000 Suncor Energy Inc., 6.850%, due 6/1/39 1,210 1,335,000 Credit Suisse/New York NY, 1.750%, due 1/29/18 1,336 2,230,000 Total Capital International SA, 2.875%, due 2/17/22 2,331 1,770,000 Daimler Finance North America LLC, 2.000%, due 8/3/18 1,792 1,010,000 TransCanada Pipelines Ltd., 4.625%, due 3/1/34 1,062 2,365,000 Daimler Finance North America LLC, 2.375%, due 8/1/18 2,418 470,000 Transocean Inc., 6.800%, due 3/15/38 307 985,000 Deutsche Bank AG/London, 1.350%, due 5/30/17 980 580,000 Virginia Electric & Power Co., 4.650%, due 8/15/43 683 2,000,000 ERP Operating LP, 3.000%, due 4/15/23 2,054 1,460,000 Williams Partners LP, 4.000%, due 9/15/25 1,339 589,000 ERP Operating LP, 4.625%, due 12/15/21 665

74,891 200,000 Export-Import Bank of Korea, 4.000%, due 1/11/17 203 410,000 HSBC Holdings PLC, 4.000%, due 3/30/22 431 660,000 HSBC Holdings PLC, 4.250%, due 3/14/24 668

12 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND JUNE 30, 2016

Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Corporate Obligations (continued) Net Assets Value (000's) Financial Services (continued) Health Care 1.82% 1,985,000 HSBC Holdings PLC, 4.300%, due 3/8/26 $ 2,099 380,000 Aetna Inc., 2.200%, due 3/15/19 $ 387 800,000 HSBC Holdings PLC, 5.100%, due 4/5/21 883 2,040,000 Aetna Inc., 2.800%, due 6/15/23 2,084 1,160,000 HSBC Holdings PLC, 6.500%, due 5/2/36 1,393 1,502,000 Amgen Inc., 4.663%, due 6/15/51 1,569 2,275,000 HSBC Holdings PLC, 6.500%, due 9/15/37 2,735 1,685,000 Amgen Inc., 5.150%, due 11/15/41 1,918 1,545,000 HSBC Holdings PLC, 6.800%, due 6/1/38 1,924 225,000 Anthem Inc., 4.350%, due 8/15/20 244 100,000 HSBC USA Inc., 9.125%, due 5/15/21 124 1,125,000 Anthem Inc., 5.875%, due 6/15/17 1,172 2,810,000 ING Bank NV, 3.750%, due 3/7/17 2,859 445,000 Biogen Inc., 3.625%, due 9/15/22 472 1,490,000 JPMorgan Chase & Co., 2.250%, due 1/23/20 1,510 900,000 Boston Scientific Corp., 6.000%, due 1/15/20 1,025 1,015,000 JPMorgan Chase & Co., 2.550%, due 3/1/21 1,032 1,240,000 Celgene Corp., 3.550%, due 8/15/22 1,299 1,000,000 JPMorgan Chase & Co., 2.700%, due 5/18/23 1,010 225,000 Cigna Corp., 4.000%, due 2/15/22 242 790,000 JPMorgan Chase & Co., 2.750%, due 6/23/20 814 1,110,000 Cigna Corp., 5.375%, due 2/15/42 1,314 2,145,000 JPMorgan Chase & Co., 3.250%, due 9/23/22 2,242 370,000 Cigna Corp., 7.650%, due 3/1/23 459 50,000 JPMorgan Chase & Co., 3.375%, due 5/1/23 51 950,000 Cigna Corp., 7.875%, due 5/15/27 1,314 50,000 JPMorgan Chase & Co., 4.950% due 3/25/20 55 200,000 Cigna Corp., 8.300%, due 1/15/33 280 1,750,000 JPMorgan Chase & Co., 6.000%, due 1/15/18 1,872 695,000 Gilead Sciences Inc., 3.250%, due 9/1/22 740 885,000 JPMorgan Chase & Co., 6.000%, due 10/1/17 935 335,000 Gilead Sciences Inc., 3.700%, due 4/1/24 363 1,850,000 Kaupthing ehf, 0.000%, due 5/19/16 1 120,000 Health Net Inc/CA, 6.375%, due 6/1/17 123 525,000 Lloyds Banking Group PLC, 4.500%, due 11/4/24 533 1,740,000 Humana Inc., 3.850%, due 10/1/24 1,858 1,478,000 Lloyds Banking Group PLC, 4.582%, due 12/10/25 1,486 1,535,000 Medtronic Inc., 3.625%, due 3/15/24 1,689 1,050,000 Lloyds Banking Group PLC, 4.650%, due 3/24/26 1,063 1,005,000 UnitedHealth Group Inc., 1.900%, due 7/16/18 1,022 1,140,000 Manufacturers & Traders Trust Co., 1.400%, due 7/25/17 1,141 785,000 UnitedHealth Group Inc., 2.875%, due 12/15/21 827 570,000 Massachusetts Mutual Life Insurance Co.,8.875%, due 6/1/39 853 650,000 Zoetis Inc., 3.450%, due 11/13/20 671 990,000 Morgan Stanley, 2.500%, due 4/21/21 1,000 1,000,000 Zoetis Inc., 4.500%, due 11/13/25 1,103

1,485,000 Morgan Stanley, 3.875%, due 4/29/24 1,590 22,175 200,000 Navient Corp., 4.625%, due 9/25/17 202 1,170,000 Navient Corp., 6.000%, due 1/25/17 1,185 Materials & Processing 1.20% 20,000 Navient Corp., 8.450%, due 6/15/18 22 1,950,000 CRH America Inc., 3.875%, due 5/18/25 2,058 1,150,000 New York Life Global Funding, 1.450%, due 12/15/17 1,157 2,750,000 Dow Chemical Co., 3.000%, due 11/15/22 2,825 655,000 New York Life Global Funding, 2.100%, due 1/2/19 669 1,490,000 Dow Chemical Co., 7.375%, due 11/1/29 1,998 565,000 New York Life Insurance Co., 6.750%, due 11/15/39 772 1,315,000 Dow Chemical Co., 8.550%, due 5/15/19 1,561 975,000 Northwestern Mutual Life Insurance Co., 6.063%, due 3/30/40 1,247 365,000 Dow Chemical Co., 9.400%, due 5/15/39 571 690,000 PNC Bank NA, 2.250%, due 7/2/19 705 965,000 Eastman Chemical Co., 2.700%, due 1/15/20 992 855,000 PNC Bank NA, 2.400%, due 10/18/19 878 1,140,000 International Paper Co., 5.000%, due 9/15/35 1,235 100,000 Provident Cos Inc., 7.250%, due 3/15/28 123 1,565,000 Lafarge SA, 6.500%, due 7/15/16 1,567 850,000 Reliance Standard Life Global Funding II, 2.500%, due 1/15/20 863 1,440,000 Siemens Financieringsmaatschappij NV,2.900%,due 5/27/22 1,526 6,286,500 Rio Oil Finance Trust Series 2014-1, 9.250%, due 7/6/24 5,375 250,000 Vulcan Materials Co., 7.500%, due 6/15/21 300

2,350,000 Rio Oil Finance Trust Series 2014-3, 9.750%, due 1/6/27 1,986 14,633 3,350,000 Royal Bank of Scotland Group PLC, 4.800%, due 4/5/26 3,407 Producer Durables 2.13% 125,000 Royal Bank of Scotland Group PLC, 6.000%, due 12/19/23 127 661,463 American Airlines Class A Pass Trust, 5.250%, 7/31/22 713 360,000 Royal Bank of Scotland Group PLC, 6.125%, due 12/15/22 378 415,000 BHP Billiton Finance USA Ltd., 3.850%, due 9/30/23 452 760,000 The Goldman Sachs Group Inc., 3.750%, due 2/25/26 800 Burlington Northern and Santa Fe Railway Co., 1,150,000 The Goldman Sachs Group Inc., 4.000%, due 3/3/24 1,229 636,176 4.967%, due 4/1/23 696 2,525,000 The Goldman Sachs Group Inc., 5.250%, due 7/27/21 2,849 78,627 5.720%, due 1/15/24 88 55,000 The Goldman Sachs Group Inc., 7.500%, due 2/15/19 63 430,722 6.462%, due 1/15/21 472 1,980,000 UBS AG/Stamford CT, 1.800%, due 3/26/18 1,999 60,287 7.570%, due 1/2/21 66 25,000 Unum Group, 6.750%, due 12/15/28 29 435,799 8.251%, due 1/15/21 493 540,000 US Bank NA/Cincinnati OH, 2.125%, due 10/28/19 554 15,846 5.943%, due 1/15/23 17 2,125,000 Visa Inc., 2.800%, due 12/14/22 2,242 646,772 6.727%, due 7/15/22 719 1,810,000 Wells Fargo & Co., 2.125%, due 4/22/19 1,849 275,000 3.050%, due 9/1/22 293 1,590,000 Wells Fargo & Co., 2.600%, due 7/22/20 1,634 1,750,000 3.750%, due 4/1/24 1,934 1,240,000 Wells Fargo & Co., 3.000%, due 1/22/21 1,296 1,615,000 6.875%, due 12/1/27 2,200 1,950,000 Wells Fargo & Co., 4.300%, due 7/22/27 2,105 55,927 CSX Transportation Inc., 6.251%, due1/15/23 65 125,000 Wells Fargo & Co., 4.600%, due 4/1/21 140 1,041,000 CSX Transportation Inc., 9.750%, due 6/15/20 1,329

139,630 565,531 Delta Air Lines Class A Trust, 6.821%, due 2/10/24 657 227,105 Federal Express Corp 1998 Tr., 6.720%, due 7/15/23 258 1,144,198 Federal Express Corp 1999 Tr., 7.650%, due 7/15/24 1,340 75,000 FedEx Corp., 8.000%, due 1/15/19 87 814,707 Northwest Airlines 2007-1 Class, 7.027%, due 05/01/21 919

13 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND JUNE 30, 2016

Par Percent of Fair Par Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Net Assets Value (000's) Producer Durables (continued) Municipals 1.29% 1,325,000 Pitney Bowes Inc., 6.250%, due 3/15/19 $ 1,461 25,000 State of California, 5.700%,due 11/1/21 $ 30 82,000 Southern Railway Co., 9.750%, due 6/15/20 105 1,075,000 State of California, 7.300%, due 10/1/39 1,628 1,400,000 Teck Resources Ltd., 5.400%, due 2/1/43 917 1,150,000 State of California, 7.500%, due 4/1/34 1,742 1,975,000 Union Pacific Corp., 2.950%, due 1/15/23 2,091 1,100,000 State of California, 7.550%, due 4/1/39 1,739 46,000 Union Pacific Corp., 3.646%, due 2/15/24 51 1,325,000 State of California, 7.625%, due 3/1/40 2,094 375,000 Union Pacific Corp., 4.163%, due 7/15/22 422 1,775,000 State of Illinois, 5.100%, due 6/1/33 1,706 435,809 Union Pacific Railroad Co. Pass Through Trust, 4.698%, due 1/2/24 468 2,035,000 State of Illinois, 5.365%, due 3/1/17 2,085 150,779 Union Pacific Railroad Co. Pass Through Trust, 5.082%, due 1/2/29 168 1,715,000 State of Illinois, 5.665%, due 3/1/18 1,807 191,211 Union Pacific Railroad Co. Pass Through Trust, 6.061%, due 1/17/23 214 600,000 State of Illinois, 5.877%, due 3/1/19 650 56,602 Union Pacific Railroad Co. Pass Through Trust, 6.176%, due 1/2/31 69 150,000 Los Angeles Unified School District, 6.758%, due 7/1/34 216 351,576 Union Pacific Railroad Co. Pass Through Trust, 6.630%, due 1/27/22 402 1,350,000 New Jersey State Turnpike Authority, 7.102%, due 1/1/41 2,042

25,055 Union Pacific Railroad Co. Pass Through Trust, 7.600%, due 1/2/20 28 TOTAL MUNICIPALS 15,739 883,386 US Airways Class A Pass Through Trust, 5.900%, due 4/1/26 1,011 (Cost $13,865,037) 503,818 US Airways Class A Pass Through Trust, 7.125%, due 4/22/25 597 4,165,000 Xerox Corp., 4.500%, due 5/15/21 4,211 U.S. Agency Obligations 18.91% 25,000 Xerox Corp., 5.625%, due 12/15/19 27 Federal National Mortgage Association 11.78% 945,000 Xerox Corp., 6.750%, due 2/1/17 970 2,370,298 0.803%, due 12/25/42 2,356

26,010 2,948,109 0.848%, due 1/25/19 2,948 1,357,924 0.882%, due 4/25/18 1,359 Technology 1.02% 1,511,939 1.053% due 2/25/44 1,510 1,655,000 Apple Inc., 3.850%, due 5/4/43 1,662 3,452,692 1.462%, due 4/25/17 3,460 375,000 Apple Inc., 4.375%, due 5/13/45 409 895,000 1.550%, due 4/25/18 902 2,900,000 Hewlett-Packard Co., 3.600%, 10/15/20 3,027 158,118 1.637%, due 11/25/17 159 150,000 Koninklijke Philips NV, 5.750%, due 3/11/18 160 1,880,806 1.700%, due 8/25/18 1,902 1,525,000 Maxim Integrated Products Inc, 2.500%, due 11/15/18 1,551 66,300 1.950%, due 8/1/43 68 2,240,000 Microsoft Corp., 3.500%, due 2/12/35 2,318 1,325,046 2.097% due 4/25/25 1,359 2,005,000 Oracle Corp., 3.900%, due 5/15/35 2,046 1,220,932 2.100%, due 12/1/27 1,240 1,300,000 TSMC Global Ltd., 1.625%, due 4/3/18 1,304 1,268,333 2.120%, due 4/1/44 1,323

12,477 1,170,000 2.131%, due 1/25/33 1,179 3,749,438 2.160%, due 1/1/23 3,868 Utilities 2.81% 4,664 2.235%, due 9/1/34 5 3,995,000 AT&T Corp., 3.400%, due 5/15/25 4,087 1,570,000 2.263%, due 2/25/23 1,620 1,490,000 AT&T Corp., 8.250%, due 11/15/31 2,143 27,968 2.319%, due 2/1/44 29 1,782,000 AT&T Inc., 4.350%, due 6/15/45 1,727 1,166,923 2.325%, due 7/25/23 1,200 880,000 AT&T Inc., 4.750%, due 5/15/46 902 1,490,000 2.395%, due 5/25/26 1,507 625,000 AT&T Inc., 5.350%, due 9/1/40 684 23,207 2.428%, due 8/1/34 25 875,000 AT&T Inc., 5.650%, due 2/15/47 1,002 16,455 2.460%, due 6/1/35 17 1,200,000 AT&T Inc., 6.000%, due 8/15/40 1,401 979,485 2.468%, due 5/1/44 1,013 698,000 AT&T Inc., 6.550%, due 2/15/39 860 450,417 2.500%, due 3/1/26 469 1,275,000 Deutsche Telekom International Finance BV, 2.250%, due 3/6/17 1,283 106,101 2.584%, due 2/1/44 110 1,150,000 Sprint Communications Inc., 6.000%, due 12/1/16 1,157 4,293,984 2.703%, due 12/1/44 4,456 475,000 Telecom Italia Capital SA, 6.999%, due 6/4/18 514 3,047,282 2.724%, due 5/1/45 3,153 1,705,000 Telecom Italia Capital SA, 7.175%, due 6/18/19 1,922 31,111 2.732%, due 6/1/38 33 300,000 Telecom Italia Capital SA, 7.200%, due 7/18/36 300 1,188,677 2.766%, due 10/1/44 1,232 115,000 Telecom Italia Capital SA, 7.721%, due 6/4/38 120 263,192 2.821%, due 12/1/44 275 810,000 The Southern Co., 2.150%, due 9/1/19 825 31,143 2.875%, due 9/1/44 32 2,215,000 Verizon Communications Inc., 1.350%, due 6/9/17 2,221 2,142,853 2.892%, due 7/1/44 2,227 845,000 Verizon Communications Inc., 3.850%, due 11/1/42 795 562,987 2.936%, due 4/1/44 584 4,517,000 Verizon Communications Inc., 4.272%, due 1/15/36 4,623 1,240,000 2.951%, due 8/25/24 1,313 1,065,000 Verizon Communications Inc., 4.400%, due 11/1/34 1,098 76,795 2.985%, due 2/1/44 80 1,570,000 Verizon Communications Inc., 4.522%, due 9/15/48 1,635 603,760 3.007%, due 2/1/44 627 145,000 Verizon Communications Inc., 5.850%, due 9/15/35 176 1,942,427 3.230%, due 11/1/20 2,084 155,000 Verizon Communications Inc., 6.400%, due 9/15/33 198 193,353 3.293%, due 6/1/41 205 2,530,000 Verizon Communications Inc., 6.550%, due 9/15/43 3,409 1,940,616 3.330%, due 10/1/20 2,086 1,105,000 Vodafone Group PLC, 2.950%, due 2/19/23 1,108

34,190 TOTAL CORPORATE OBLIGATIONS 400,655 (Cost $385,226,424)

14 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND JUNE 30, 2016

Par Percent of Fair Par Percent of Fair Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Federal National Mortgage Association (continued) Federal National Mortgage Association (continued) 71,419 3.500%, due 8/1/26 $ 76 57,186 5.500%, due 11/1/29 $ 64 397,268 3.500%, due 9/1/28 421 45,802 5.500%, due 6/1/33 52 2,027,063 3.500%, due 12/1/29 2,149 27,250 5.500%, due 11/1/33 31 1,065,664 3.500%, due 12/25/30 1,144 762,021 5.500%, due 4/1/35 864 2,284 4.000%, due 6/1/18 2 228,020 5.500%, due 10/1/35 258 8,361 4.000%, due 9/1/18 9 42,408 5.500%, due 9/1/36 48 586,144 4.000%, due 4/1/24 620 295,143 5.500%, due 4/1/37 336 537,814 4.000%, due 2/1/27 573 70,462 5.500%, due 4/1/37 80 4,406,185 4.000%, due 5/1/27 4,695 15,538 5.500%, due 2/1/38 17 857,671 4.000%, due 11/1/30 929 42,802 5.750%, due 3/25/37 48 991,828 4.000%, due 12/1/30 1,074 4,031 5.878%, due 11/1/16 4 842,799 4.000%, due 9/1/31 913 485,457 5.970%, due 1/1/40 601 110,760 4.000%, due 10/1/32 120 374,495 5.970%, due 1/1/40 487 2,829,355 4.000%, due 11/1/33 3,064 281 6.000%, due 10/1/16 1 1,969,915 4.000%, due 3/1/34 2,133 2,052 6.000%, due 5/1/18 2 26,139 4.000%, due 6/1/34 28 2,114 6.000%, due 8/1/18 2 8,991,390 4.000%, due 1/1/35 9,737 2,599 6.000%, due 12/1/18 3 40,456,337 4.000%, due 3/1/46 43,395 1,188 6.000%, due 1/1/19 1 118,916 4.159%, due 12/1/39 126 2,589 6.000%, due 2/1/19 3 320,762 4.264%, due 7/1/21 355 1,822 6.000%, due 8/1/19 2 284,137 4.500%, due 10/1/24 306 1,509 6.000%, due 9/1/19 2 820,980 4.500%, due 8/1/26 882 6,572 6.000%, due 9/1/19 7 174,820 4.500%, due 1/1/31 191 160,856 6.000%, due 8/1/21 175 48,748 4.500%, due 1/1/31 53 24,328 6.000%, due 11/1/21 26 46,192 4.500%, due 1/1/31 51 33,819 6.000%, due 10/1/22 37 69,007 4.500%, due 6/1/31 76 53,687 6.000%, due 6/1/23 59 79,799 4.500%, due 9/1/31 88 20,362 6.000%, due 12/1/32 24 95,561 4.500%, due 6/1/36 105 15,545 6.000%, due 11/1/33 18 75,721 4.500%, due 8/1/41 83 13,124 6.000%, due 12/1/33 15 58,547 4.500%, due 9/1/41 65 755,696 6.000%, due 3/1/34 877 113,869 4.500%, due 11/1/41 126 47,443 6.000%, due 4/1/34 55 108,652 4.500%,due 12/1/41 119 28,955 6.000%, due 4/1/35 33 955,394 4.500%, due 7/1/42 1,047 42,402 6.000%, due 4/1/35 49 65,738 4.500%, due 9/1/43 72 9,095 6.000%, due 7/1/35 11 377,651 4.500%, due 10/1/43 412 51,639 6.000%, due 11/1/35 60 77,160 4.500%, due 11/1/43 84 766 6.000%, due 3/1/36 1 122,271 4.500%, due 10/1/44 134 43,592 6.000%, due 3/1/36 50 2,458,482 4.500%, due 2/1/45 2,686 290,130 6.000%, due 9/1/36 336 2,370,640 4.500%, due 11/1/45 2,592 47,281 6.000%, due 3/1/37 54 2,967,530 4.500%, due 4/1/46 3,250 49,727 6.000%, due 8/1/37 58 15,675 5.000%, due 5/1/18 16 157,323 6.000%, due 5/1/38 183 47,339 5.000%, due 4/1/25 51 16,108 6.247%, due 6/25/42 19 549,646 5.000%, due 9/1/25 591 152,288 6.340%, due 10/25/42 162 215,171 5.000%, due 9/1/39 240 1,636 6.500%, due 9/1/16 2 69,609 5.000%, due 8/1/40 78 4,069 6.500%, due 5/1/17 4 366,522 5.100%, due 12/1/40 462 0 6.500%, due 7/1/17 1 3,674 5.500%, due 10/1/17 4 310 6.500%, due 7/1/17 1 332 5.500%, due 12/1/17 1 162 6.500%, due 10/1/17 1 25,835 5.500%, due 1/1/18 26 10,100 6.500%, due 2/1/18 10 7,307 5.500%, due 6/1/20 7 289 6.500%, due 4/1/18 1 212,830 5.500%, due 11/1/23 227 3,100 6.500%, due 9/1/19 3 15,492 5.500%, due 1/1/24 17 1,469 6.500%, due 12/1/19 2 195,829 5.500%, due 1/1/24 210 37,828 6.500%, due 2/25/31 44 20,705 5.500%, due 1/1/24 22 64,944 6.500%, due 8/1/32 77 31,154 5.500%, due 3/1/24 34 13,145 6.500%, due 8/1/32 15 15,114 5.500%, due 5/1/24 17 38,292 6.500%, due 12/1/32 45 10,346 5.500%, due 1/1/25 11 10,494 6.500%, due 5/1/33 12 128,233 5.500%, due 1/1/25 140

15 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND JUNE 30, 2016

Par Percent of Fair Par Percent of Fair Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Federal National Mortgage Association (continued) Freddie Mac (continued) 581,972 6.500%, due 3/1/35 $ 704 1,390,162 2.868%, due 2/1/45 $ 1,445 5,574 6.500%, due 11/1/37 7 2,247,215 2.894%, due 12/1/45 2,332 5,104 6.500%, due 12/1/37 6 153,231 2.950%, due 1/1/44 159 3,692 6.500%, due 2/1/38 4 7,528,568 2.950%, due 11/1/44 7,817 27,074 6.500%, due 3/1/38 31 4,854 3.000%, due 7/15/27 5 67,930 6.500%, due 10/1/38 79 575,606 3.015%, due 7/1/44 598 90,857 6.500%, due 4/25/39 93 114,119 3.045%, due 5/1/44 119 45,714 6.500%, due 8/1/39 53 3,961,784 3.088%, due 8/1/44 4,113 230,215 6.500%, due 10/1/39 268 101,794 3.593%, due 10/1/41 107 10,561 6.500%, due 8/25/41 12 343,823 4.000%, due 12/15/24 354 5,574 6.500%, due 1/25/44 7 22,593 4.000%, due 4/1/25 24 5,689 6.500%, due 1/1/49 6 566,587 4.000%, due 9/1/25 604 248,522 6.687%, due 9/25/41 284 292,925 4.000%, due 11/1/26 312 16,108 6.693%, due 6/25/42 19 824,771 4.000%, due 5/1/27 880 504 7.000%, due 9/1/17 1 1,977,298 4.000%, due 5/1/27 2,108 871 7.000%, due 11/1/18 1 192,662 4.000%, due 10/1/31 208 208,314 7.000%, due 11/1/29 242 302,360 4.000%, due 7/1/34 327 101,753 7.000%, due 6/25/32 116 28,436 4.500%, due 6/15/18 29 187,990 7.000%, due 8/1/32 230 46,394 4.500%, due 2/1/26 50 232,089 7.000%, due 8/1/32 282 70,823 4.500%, due 6/1/26 76 242,361 7.000%, due 3/1/37 288 96,773 4.500%, due 6/1/31 106 19,486 7.000%, due 3/1/37 23 111,341 4.500%, due 12/1/33 122 30,811 7.000%, due 4/1/37 37 52,427 4.500%, due 7/1/41 58 1,650 7.000%, due 12/1/37 2 1,824,423 4.500%, due 9/1/41 2,006 279,281 7.000%, due 12/25/41 330 38,125 4.500%, due 11/1/43 43 59,144 7.000%, due 2/25/44 70 519,002 4.500%, due 12/1/43 566 47,788 7.000%, due 3/25/45 57 672,645 4.500%, due 12/15/43 739 24,340 7.000%, due 3/25/49 28 488,302 4.500%, due 1/1/44 533 45,918 7.500%, due 6/25/30 53 43,450 4.500%, due 3/1/44 47 345,330 7.500%, due 10/25/40 399 1,190,141 4.500%, due 5/1/44 1,298 23,994 7.500%, due 11/25/40 29 1,465,206 4.500%, due 7/1/44 1,598 4,526 7.500%, due 2/25/41 5 5,279,150 4.500%, due 8/1/44 5,757 101,635 7.500%, due 7/25/41 126 4,991,396 4.500%, due 2/1/45 5,449 14,697 7.500%, due 7/25/41 17 4,270,866 4.500%, due 11/1/45 4,664 19,311 7.500%, due 7/25/42 23 1,891,717 4.500%, due 11/1/45 2,064 27,402 7.500%, due 3/25/44 32 1,149,000 4.577%, due 3/15/44 1,262

143,551 32,274 5.000%, due 4/1/34 36 193,847 5.000%, due 2/15/35 216 Freddie Mac 6.03% 792,086 5.142%, due 11/1/39 836 999,702 0.942%, due 1/15/43 1,002 414,045 5.427%, due 7/25/33 485 2,675,000 0.950%, due 3/25/43 2,672 5,972 5.500%, due 11/1/17 6 4,174,626 1.123%, due 2/25/23 4,192 4,957 5.500%, due 1/1/18 5 613,890 1.750%, due 3/15/25 617 5,749 5.500%, due 1/1/18 6 946,989 1/788%, due 4/1/43 966 11,479 5.500%, due 10/1/20 12 667,242 2.540%, due 1/1/42 693 187,769 5.500%, due 9/15/33 213 49,524 2.606%, due 8/1/42 51 273,899 5.500%, due 1/1/35 309 5,037,023 2.714%, due 1/1/45 5,223 803,850 5.500%, due 3/15/35 904 145,096 2.759%, due 2/1/45 151 514,910 5.500%, due 2/15/36 582 399,098 2.789%, due 4/1/38 423 9,165 5.500%, due 6/1/37 10 271,004 2.824%, due 12/1/44 282 48,339 5.500%, due 6/15/37 54 313,162 2.854%, due 10/1/44 326 42,836 6.000%, due 2/1/17 43

16 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND JUNE 30, 2016

Par Percent of Fair Par Percent of Fair Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Freddie Mac (continued) Government National Mortgage Association (continued) 1,737 6.000%, due 4/1/17 $ 2 5,938 6.500%, due 5/15/29 $ 7 2,038 6.000%, due 5/1/17 2 2,871 7.000%, due 12/15/29 4 245 6.000%, due 6/1/17 1 7,660 8.250%, due 4/15/20 8 150 6.000%, due 10/1/17 1 5,846 8.350%, due 3/15/19 6

794 6.000%, due 3/1/18 1 8,759 250 6.000%, due 3/1/18 1 1,222 6.000%, due 2/1/19 1 Government Backed Agency 0.38% 234,046 6.000%, due 1/1/24 262 450,000 Financing Corp Fico, 0.000%, due 5/11/17 447 280,851 6.000%, due 7/15/26 319 1,259,000 Financing Corp Fico, 0.000%, due 10/5/17 1,249 54,019 6.000%, due 3/15/31 62 1,910,000 Financing Corp Fico, 9.800%, due 11/30/17 2,157 39,483 6.000%, due 12/1/33 46 195,000 Financing Corp Fico, 10.700%, due 10/6/17 220 25,306 6.000%, due 11/1/36 29 82,085 New Valley Generation V, 4.929%, due 1/15/21 90 74,027 6.000%, due 6/1/38 85 Small Business Administration Participation Certificates, 35,668 6.000%, due 9/1/38 41 26,686 4.750%, due 7/1/25 29 84,625 6.000%, due 2/1/39 97 25,846 4.840%, due 2/1/23 28 151,228 6.000%, due 5/1/39 176 5,409 4.840%, due 5/1/25 6 55,721 6.253%, due 7/25/32 64 7,957 4.860%, due 1/1/25 9 205 6.500%, due 9/1/16 1 18,209 4.870%, due 12/1/24 20 13,647 6.500%, due 7/1/17 14 15,281 4.880%, due 11/1/24 17 63,107 6.500%, due 8/1/17 64 16,264 4.920%, due 10/1/23 18 673 6.500%, due 4/1/18 1 25,743 4.980%, due 11/1/23 28 3,229 6.500%, due 5/15/21 3 57,242 5.110%, due 8/1/25 62 221,551 6.500%, due 8/15/28 252 11,225 5.230%, due 3/1/27 13 8,598 6.500%, due 12/1/31 10 19,103 5.310%, due 5/1/27 21 204,566 6.500%, due 12/1/32 243 14,808 5.350%, due 2/1/26 16 32,138 6.500%, due 8/1/37 37 14,733 5.570%, due 3/1/26 16 73,963 6.500%, due 9/1/37 83 14,610 5.700%, due 8/1/26 16 9,527 6.500%, due 9/1/37 11 35,989 5.710%, due 6/1/27 41 16,121 6.500%, due 9/1/37 18 9,871 5.800%, due 12/1/18 10 4,446 6.500%, due 1/1/38 5 8,036 5.820%, due 6/1/26 9 126,941 6.500%, due 9/25/43 152 3,911 6.000%, due 9/1/18 4 780,000 6.900%, due 4/1/29 857 29,216 6.070%, due 7/1/26 33 390 7.000%, due 2/1/18 1 4,960 6.120%, due 9/1/21 5 177,548 7.000%, due 6/1/32 215 2,434 6.125%, due 1/1/18 3 10,228 7.000%, due 7/1/32 12 3,774 6.150%, due 2/1/18 4 31,279 7.000%, due 10/1/32 38 3,560 6.150%, due 8/1/18 4 889,352 7.000%, due 11/1/32 1,080 1,061 6.300%, due 6/1/18 1 674,518 7.000%, due 2/25/43 818 13,895 6.300%, due 5/1/19 14 42,744 7.000%, due 7/25/43 52 7,303 6.550%, due 12/1/17 8 6,982 7.499%, due 8/25/42 9 2,336 6.625%, due 7/1/21 3 5,368 7.500%, due 12/25/41 6 4,702 6.800%, due 8/1/17 5 73,466 8,437 6.800%, due 6/1/19 9 3,093 6.900%, due 9/1/17 3 Government National Mortgage Association 0.72% 1,239 7.000%, due 7/1/19 1 1,381,287 2.140%, due 8/15/23 1,415 2,118 7.150%, due 1/1/17 2 4,450,255 2.730%, due 6/15/32 4,767 1,557 7.200%, due 6/1/17 2 789,754 4.766%, due 8/20/42 852 12,148 7.210%, due 9/1/20 13 5,848 6.000%, due 3/15/19 7 2,007 7.300%, due 5/1/17 2 1,460,465 6.000%, due 7/20/32 1,693 1,162 7.300%, due 8/1/19 1

17 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERMEDIATE DIVERSIFIED BOND FUND JUNE 30, 2016

Par Percent of Fair Par Percent of Fair Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Amount Net Assets Value (000's) Government Backed Agency (continued) Short-Term Investments 4.89% 844 7.300%, due 9/1/19 $ 1 59,633,694 Dreyfus Government Cash Management Fund $ 59,634 10,349 7.590%, due 1/1/20 11 TOTAL SHORT TERM INVESTMENTS 9,064 7.625%, due 3/1/20 10 (Cost $59,633,694) 4,661 TOTAL INVESTMENTS 1,217,186 TOTAL U.S. AGENCY OBLIGATIONS 230,528 (Cost $1,179,300,449) 99.87% (Cost $226,381,722) Other Assets, Liabilities Less 0.13% 1,547 U.S. Government Obligations 39.40% U.S Treasury Notes 39.40% NET ASSETS 100.00% $ 1,218,733 6,630,000 0.000%, due 5/15/45 3,270 4,015,000 0.000%, due 8/15/45 1,965 33,285,000 0.500%, due 11/30/16 33,303 2,975,000 0.625%, due 10/15/16 2,977 300,000 0.625%, due 12/31/16 300 17,220,000 0.625%, due 8/31/17 17,235 3,335,000 0.625%, due 9/30/17 3,338 3,450,000 0.750%, due 3/15/17 3,456 11,550,000 0.875%, due 5/15/17 11,586 15,465,000 0.875%, due 8/15/17 15,522 10,465,000 0.875%, due 3/31/18 10,516 5,000,000 .0875%, due 5/31/18 5,027 635,000 0.875%, due 10/15/18 638 12,510,000 0.875%, due 4/15/19 12,570 1,565,000 1.000%, due 12/15/17 1,575 9,000,000 1.250%, due 11/15/18 9,127 53,165,000 1.375%, due 9/30/20 54,131 7,665,000 1.375%, due 6/30/23 7,705 10,000 1.500%, due 2/28/19 10 4,010,000 1.500%, due 2/28/23 4,068 2,945,000 1.625%, due 6/30/20 3,029 2,715,000 1.625%, due 11/30/20 2,795 9,090,000 1.625%, due 2/15/26 9,192 18,800,000 1.750%, due 9/30/22 19,396 24,850,000 1.875%, due 8/31/17 25,232 11,725,000 1.875%, due 9/30/17 11,917 6,790,000 2.000%, due 10/31/21 7,112 940,000 2.000%, due 2/15/25 983 10,605,000 2.125%, due 8/31/20 11,123 6,915,000 2.125%, due 12/31/21 7,290 6,720,000 2.500%, due 6/30/17 6,850 40,280,000 2.500%, due 2/15/45 41,937 19,280,000 2.500%, due 2/15/46 20,076 3,205,000 2.625%, due 8/15/20 3,426 12,280,000 2.625%, due 11/15/20 13,157 7,940,000 2.875%, due 8/15/45 8,916 4,915,000 3.000%, due 11/15/44 (A) 5,651 30,070,000 3.000%, due 5/15/45 34,563 2,345,000 3.000%, due 11/15/45 2,696 42,315,000 3.500%, due 5/15/20 46,510 TOTAL U.S. GOVERNMENT OBLIGATIONS 480,170 (Cost $463,866,407)

(A) $4,915,000 principal amount of United States Treasury Bond pledged as margin for open futures contracts at June 30, 2016.

18 CATHOLIC UNITED INVESTMENT TRUST INTERMEDIATE DIVERSIFIED BOND FUND FUTURES CONTRACTS JUNE 30, 2016

$4,915,000 of US Treasury Bond pledged as margin for futures contracts. The Portfolio had the following open futures contracts at June 30, 2016:

Unrealized Principal Number of Amount Gains (Losses) at Type Contracts per Contract Position Expiration June 30, 2016 5 Year U.S. Treasury Notes 231 100,000 Long September 2016 515,138 10 Year U.S. Treasury Notes 162 100,000 Long September 2016 598,039 U.S. Treasury Bond 211 100,000 Short September 2016 (1,991,373) U.S. Treasury Notes Ultra 10 Year 19 100,000 Short September 2016 (101,357) US Ultra Bond 235 100,000 Short September 2016 (2,749,184) (3,728,736)

19 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND JUNE 30, 2016

The Portfolio

Portfolio Asset Mix (% of Net Assets) Equities 6.10% Number of Stocks 36 Top Ten Stocks 2.65%

Fixed Income Securities Asset Backed Securities 6.91% Collateralized Mortgage Obligation 0.84% Commercial Mortgage Backed Securities 8.75% Corporate Obligations 36.45% Municipals 3.02% U.S. Agency Obligations 17.80% U.S. Government Obligations 16.25% Dreyfus Government Cash Management Fund 3.66% Cash Collateral for Interest Swaps 0.05% Other Assets, Less Liabilities 0.17%

Top Ten Equity Holdings (% of Net Assets) KLA-Tencor Corp. 0.29% Delhaize Group 0.29% Demandware Inc. 0.28% Hatteras Financial Corp. 0.28% Fairchild Semiconductor International Inc. 0.27% Columbia Pipeline Group Inc. 0.27% Starwood Hotels & Resorts Worldwide Inc. 0.27% TECO Energy Inc. 0.25% LinkedIn Corp. 0.22% Astoria Financial Corp. 0.22%

Top 5 Industries (% of Net Assets) Technology 1.43% Financial Services 1.18% Utilities 0.83% Consumer Discretionary 0.83% Health Care 0.70%

20 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND JUNE 30, 2016

Shares Common Stocks 6.10% Fair Principal Fair Value (000's) Amount Value (000's) Consumer Discretionary 0.83% Asset Backed Securities 6.91% 19,320 DreamWorks Animation SKG Inc. $ 790 AmeriCredit Automobile Receivables Trust 40,015 Elizabeth Arden Inc. 551 1,285,000 2013-5, 1.520%, due 1/08/19 $ 1,287 39,120 Media General Inc. 672 71,059 2015-1, 0.770%, due 4/9/18 71 37,140 ReachLocal Inc. 169 968,702 2015-2, 0.830%, due 9/10/18 968 18,810 Skullcandy Inc. 115 626,757 Bank of The West Auto Trust 2014-1, 1.090%, due 3/15/19 627 15,200 Starwood Hotels & Resorts Worldwide Inc. 1,124 2,075,000 Bank of The West Auto Trust 2015-1, 1.310%, due 10/15/19 2,074 3,421 735,000 Cabela's Master Credit Card Trust, 0.892%, due 7/15/22 728 550,000 Cabela's Master Credit Card Trust,1.092%, due 8/16/21 548 Consumer Staples 0.29% 951,000 Capital Auto Receivables Asset Trust 2013-3, 1.680%, due 4/20/18 952 11,400 Delhaize Group 1,197 470,000 Chase Issuance Trust, 0862%, due 7/15/20 470 1,261,545 CLI Funding LLC, 3.380%, due10/18/29 1,217 143,206 College & University Facility Loan Trust Two, 4.000%, due 6/1/18 143 Energy 0.47% 1,082,009 Cronos Containers Program Ltd, 3.270%, due 11/18/29 1,036 44,425 Columbia Pipeline Group Inc. 1,132 27,046 Direct Capital Funding V LLC, 1.730%, due 8/20/18 27 52,500 Memorial Resource Development Corp 834 1,206,806 Domino's Pizza Master Issuer LLC, 5.216%, due 1/25/42 1,242 1,966 710,000 Ford Credit Auto Owner Trust 2015-A, 1.280%, due 9/15/19 713 1,465,000 GE Dealer Floorplan Master Note Trust, 0.828%, due 7/20/19 1,462 Financial Services 1.18% 181,353 GMACM Home Equity Loan Trust 2003-HE1, 0.733%, due 4/25/33 170 58,870 Astoria Financial Corp. 902 123,520 GMACM Home Equity Loan Trust 2006-HE1, 5.805%, due 10/25/36 118 41,300 FirstMerit Corp. 837 284,616 Goal Capital Funding Trust 2006-1, 0.782%, due 11/25/26 283 69,550 Hatteras Financial Corp. 1,141 623,333 Hertz Vehicle Financing LLC, 1.120%, due 8/25/17 623 21,000 Hennessy Capital Acquisition Corp. II 213 71,238 Home Equity Loan Trust 2003-HS3, 0.733%, due 8/25/33 68 25,365 National Interstate Corp. 767 95,441 Home Equity Loan Trust 2006-HSA2, 5.550%, due3/25/36 59 5,007 NorthStar Realty Finance Corp. 57 1,895,609 Honda Auto Receivables 2014-4 Owner Trust, 0.990%, due 9/17/18 1,896 17,807 Talmer Bancorp Inc. 341 1,905,000 Huntington Auto Trust 2015-1, 1.240%, due 9/16/19 1,908 44,247 Wilshire Bancorp Inc. 461 115,692 Hyundai Auto Lease Securitization Trust 2014-A, 0.750%, due 4/17/17 116 18,145 Winthrop Realty Trust 159 104,700 Hyundai Auto Receivables Trust 2015-A, 0.680%, due 10/16/17 105 4,878 860,000 Hyundai Auto Receivables Trust 2016-A,1.210%, due 6/17/19 862 2,958 MMAF Equipment Finance LLC 2011-A, 2.100%, due 7/15/17 3 Health Care 0.70% 482,711 MMAF Equipment Finance LLC 2012-A, 1.350%, due 10/10/18 484 14,035 Alere Inc. 585 422,489 MSCC Heloc Trust 2007-1, 0.553%, due 12/25/31 418 25,315 Celator Pharmaceuticals Inc. 764 684,279 Nissan Auto Receivables 2014-A Owner Trust, 0.720%, due 8/15/18 683 8,640 LDR Holding Corp. 319 776,650 NYCTL 2014-A Trust, 1.340%, due 11/10/28 774 10,540 St Jude Medical Inc. 822 1,212,000 PFS Financing Corp., 1.042%, due 2/15/19 1,208 55,495 XenoPort Inc. 393 334,091 Santander Drive Auto Receivables Trust 2012-5, 2.700%, due 8/15/18 335 2,883 1,040,000 SMART ABS Series 2015-1US Trust, 1.500%, due 9/14/18 1,040 20,167 Structured Asset Securities Corp. Mortgage Trust,1.053%, due 12/25/35 20 Materials & Processing 0.19% 958,049 SunTrust Auto Receivables Trust 2015-1, 0.990%, due 6/15/18 958 24,080 Axiall Corp. 785 666,667 Textainer Marine Containers Ltd, 3.270%, due 10/20/39 643 725,000 Textainer Marine Containers Ltd, 3.900%, due 9/20/38 712 159,708 Toyota Auto Receivables 2015-A Owner Trust, 0.710%, due 7/17/17 160 Producer Durables 0.19% 567,141 United States Small Business Administration, 2.080%, due 4/1/33 573 13,770 Virgin America Inc. 774 875,000 Volvo Financial Equipment LLC , 1.510%, due 6/17/19 876 TOTAL ASSET BACKED SECURITIES 28,660 (Cost $28,755,421) Technology 1.43% 10,580 Cvent Inc. 378 15,635 Demandware Inc. 1,171 Collateralized Mortgage Obligation 0.84% 27,650 EMC Corp/MA 751 310,962 Adjustable Rate Mortgage Trust 2005-3, 0.661%, due 7/25/35 303 57,180 Fairchild Semiconductor International Inc. 1,135 653,671 FDIC Guaranteed Notes Trust 2010-S1, 3.250%, due 4/25/38 679 16,350 KLA-Tencor Corp. 1,198 161,332 Freddie Mac Structured Agency Credit Risk Notes, 1.303%, due 4/25/24 161 4,915 LinkedIn Corp. 930 171,590 Impac Secured Assets Trust 2006-2, 0.803%, due 8/25/36 167 15,465 Xura Inc. 378 323,171 JP Morgan Tax-Emept Trust Series 2012-4, 3.500%, due 7/27/38 335 5,941 917,730 La Hipotecaria Panamanian Mortgage Tr. 2014-1, 3.008%, due 11/24/42 935 431,961 NCUA Guaranteed Notes Trust 2010-R1, 0.915%, due 10/7/20 433 Utilities 0.83% 476,103 NCUA Guaranteed Notes Trust 2011-R4, 0.845%, due 3/6/20 476 11,430 AGL Resources Inc. 754 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS 3,489 62,097 inContact Inc. 869 (Cost $3,497,255) 12,680 Piedmont Natural Gas Co. Inc. 762 38,080 TECO Energy Inc. 1,053 3,438 TOTAL COMMON STOCK (Cost $25,218,096) 25,283

21 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND JUNE 30, 2016

Principal Fair Amount Value (000's) Amount Value (000's) Commercial Mortgage Backed Securities 8.75% Consumer Discretionary (continued) 1,750,000 BAMLL Commercial Mortgage Securities Trust, 1.542%, due 6/15/28 $ 1,718 605,000 Ford Motor Credit Co. LLC, 1.7240%, due 12/6/17 $ 606 148,829 BAMLL-DB Trust, 2.343%, due 4/13/29 149 475,000 Ford Motor Credit Co. LLC, 2.021%, due 5/3/19 479 899,663 Banc of America Commercial Mortgage Trust ,5.723%, due 6/10/49 914 755,000 Ford Motor Credit Co. LLC, 3.200%, due 1/15/21 778 1,525,859 Banc of America Large Loan Trust 2009-FDG, 5.204%, due 1/25/42 1,532 1,875,000 Ford Motor Credit Co. LLC, 4.250%, due 2/3/17 1,905 192,972 Banc of America Re-REMIC Trust 2009-UBER1, 5.590%, due 6/24/50 195 580,000 Ford Motor Credit Co. LLC, 5.875%, due 8/2/21 665 1,525,000 BHMS 2014-ATLS Mortgage Trust, 1.963%, due 7/5/33 1,503 2,545,000 General Motors Co., 2.400%, due 5/9/19 2,552 1,000,000 CFCRE 2015-RUM Mortgage Trust, 3.192%, due 7/15/30 975 1,150,000 Glencore Canada Corp., 5.500%, due 6/15/17 1,176 247,199 Citigroup Commercial Mrtge Trust 2012-GC8, 0.685%, due 9/10/45 247 1,040,000 HD Supply Inc., 7.500%, due 7/15/20 1,089 349,198 Citigroup Commercial Mrtge Trust 2014-GC19, 1.199%, due 3/10/47 350 900,000 Macy's Retail Holdings Inc., 7.450%, due 7/15/17 953 1,140,000 COMM 2012-9W57 Mortgage Trust, 2.364%, due 2/10/29 1,146 1,090,000 McDonald's Corp., 2.750%, due 12/9/20 1,138 256,447 COMM 2013-CCRE8 Mortgage Trust, 1.024%, due 6/10/46 256 19,954 241,011 COMM 2013-LC13 Mortgage Trust, 1.309%, due 8/10/46 242 1,595,000 COMM 2014-BBG Mortgage Trust, 1.243%, due 3/15/29 1,568 Consumer Staples 1.65% 271,386 COMM 2014-CCRE15 Mortgage Trust, 1.218%, due 2/10/47 272 950,000 ADOP Co., 6.250%, due 10/1/17 1,001 274,172 COMM 2014-CCRE16 Mortgage Trust, 1.445%, due 4/10/47 275 1,000,000 AmeriGas Finance LLC, 7.000%, due 5/20/22 1,056 1,050,000 COMM 2014-SAVA Mortgage Trust, 2.193%, due 6/15/34 1,026 472,102 CVS Pass-Through Trust, 5.789%, due 1/10/26 516 357,357 Commercial Mortgage Trust 2007-GG11, 5.736%, due 12/10/49 371 580,000 General Mills Inc., 1.400%, due 10/20/17 583 1,400,000 CSMC Trust 2015-SAND, 1.739%, due 8/15/30 1,389 1,270,000 Kraft Heinz Foods Co., 2.800%, due 7/2/20 1,319 23,832 DBUBS 2011-LC1 Mortgage Trust, 3.742%, due 11/10/46 24 825,000 Pinnacle Foods Finance LLC, 4.875%, due 5/1/21 836 345,493 FDIC Guaranteed Notes Trust 2010-S1, 2.980%, due 12/6/20 351 397,066 Smith's Food & Drug Centers In Trust, 9.200%, due 7/2/18 431 643,609 GE Capital Commercial Mortgage Corp., 5.628%, due11/10/45 643 695,000 Taco Bell Funding LLC, 3.832%, due 5/25/46 703 140,432 GS Mortgage Securities Corp. II, 0.662%, due 11/10/45 140 375,000 Tyson Foods Inc., 2.650%, due 8/15/19 385 1,000,000 GS Mortgage Securities Corp. Trust 2016-ICE2, 3.692%, due 2/15/33 1,001 6,830 1,460,000 GSCCRE Commercial Mortgage Trust 2015, 3.192%, due 8/15/32 1,438 JP Morgan Chase Commercial Mortgage Securities Trust Energy 3.97% 1,347,978 0.766%, due 4/15/46 1,344 515,000 BP Capital Markets PLC, 1.375%, due 5/10/18 516 1,825,000 1.342%, due 10/15/29 1,810 1,160,000 Chevron Corp.,1.561%,due 5/16/19 1,173 980,443 5.336%, due 5/15/47 989 475,000 Chevron Corp.,1.961%,due 3/3/20 481 1,144,638 5.440%, due 6/12/47 1,162 505,000 CNOOC Nexen Finance 2014 ULC, 1.625%, due 4/30/17 506 1,250,000 5.479%, due 5/15/45 1,252 1,060,000 ConocoPhillips Co., 1.500%, due 5/15/18 1,064 58,705 5.833%, due 2/15/51 59 1,133,000 Copano Energy LLC, 7.125%, due 4/1/21 1,173 1,004,816 5.887%, due 2/12/49 1,027 1,000,000 Devon Energy Corp.,1.192%, due 12/15/16 994 139,971 JPMBB Commercial Mortgage Sec. Tr. 2013-C14,1.260%, due 8/15/46 140 1,745,000 Devon Energy Corp., 2.250%, due 12/15/18 1,733 1,414,529 JPMBB Commercial Mortgage Sec Tr. 2016-C1, 1.694%, due 3/15/49 1,429 465,000 Ensco PLC, 4.700%, due 3/15/21 386 700,000 LB-UBS Commercial Mortgage Trust 2006-C1, 5.452%, due 9/15/39 697 585,000 Hess Corp., 1.300%, due 6/15/17 581 398,407 ML-CFC Commercial Mortgage Trust 2006-4, 5.172%, due 12/12/49 400 350,000 Kinder Morgan Inc., 7.000%, due 6/15/17 364 942,556 Morgan Stanley Bank of America ML Trust, 1.591%, due 10/15/48 950 350,000 Kinder Morgan Inc., 7.000%, due 2/1/18 368 1,100,000 Morgan Stanley Capital I Trust 2014-MP,3.693%, due 8/11/29 1,157 925,000 Marathon Oil Corp., 2.700%, due 6/1/20 871 493,000 Morgan Stanley Capital I Trust 2003-IQ4, 5.500%, due 5/15/40 493 905,000 Noble Holding International Ltd., 4.900%, due 8/1/20 762 520,431 Morgan Stanley Capital I Trust 2006-HQ9, 5.793%, due 7/12/44 520 355,000 Petroleos Mexicanos, 3.500%, due 7/23/20 355 1,685,000 Motel 6 Trust 2015-MTL, 3.693%, due 2/5/30 1,699 400,000 Petroleos Mexicanos, 5.500%, due 2/4/19 420 440,635 Wells Fargo Commercial Mortgage Tr. 2012- 0.687%, due 10/15/45 440 1,000,000 Range Resources Corp., 5.000%, due 8/15/22 943 1,016,867 Wells Fargo Commercial Mortgage Tr. 2015, 1.679%, due 11/15/48 1,029 1,420,000 Shell International Finance BV, 2.125%, due 5/11/20 1,449 1,305,000 Westlake Automobile Receivables Trust 2016-2, 1.570%, due 6/17/19 1,305 920,000 Statoil ASA, 2.250%, due 11/8/19 944 361,333 WF-RBS Commercial Mortgage Trust, 0.734%, due 12/15/45 361 850,000 Tesoro Corp., 5.375%, due 10/1/22 867 275,901 WFRBS Commercial Mortgage Trust 2013-C14, 0.836%, due 6/15/46 275 475,000 Ultramar Diamond Shamrock Corp., 7.200%, due 10/15/17 500 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 36,263 16,450 (Cost $36,913,264) Financial Services 17.88% Corporate Obligations 36.45% 827,806 AA Aircraft Financing 2013-1LLC, 3.596%, due 11/1/19 820 Consumer Discretionary 4.81% 729,265 Ahold Lease Series Pass Through Trust, 8.620%, due 1/2/25 890 560,000 Hanesbrands Inc., 4.625%, due 5/15/24 561 775,000 Ally Financial Inc., 3.250%, due 2/13/18 775 1,000,000 MGM Resorts International, 7.625%, due 1/15/17 1,030 1,165,000 Ally Financial Inc., 4.250%, due 4/15/21 1,164 760,000 NCL Corp. Ltd, 4.625%, due 11/15/20 759 1,075,000 Ally Financial Inc., 5.500%, due 2/15/17 1,091 980,000 Toyota Motor Credit Corp.,1.700%, due 2/19/19 993 1,685,000 American Express Co., 6.800%, due 9/1/66 1,683 2,080,000 Walgreens Boots Alliance Inc., 1.750%, due 5/30/18 2,096 795,000 American Express Credit Corp., 1.125%, due 6/5/17 795 800,000 21st Century Fox America Inc., 8.000%, 10/17/26 816 1,070,000 American Express Credit Corp., 2.125%, due 3/18/19 1,092 350,000 American Honda Finance Corp., 1.500%, due 9/11/17 352 460,000 American International Group Inc., 5.850%, due 1/16/18 491 635,000 American Honda Finance Corp., 1.500%, due 3/13/18 641 475,000 American International Group Inc., 6.400%, due 12/15/20 559 315,000 American Honda Finance Corp., 2.125%, due 10/10/18 323 825,000 Argos Merger Sub Inc., 7.125%, due 3/15/23 850 1,040,000 Daimler Finance North America LLC, 1.375%, due 8/1/17 1,042 1,885,000 Bank of America Corp., 1.700%, due 8/25/17 1,892

22 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND JUNE 30, 2016

Principal Percent of Fair Principal Percent of Fair Amount Corporate Obligations (continued) Net Assets Value (000's) Amount Corporate Obligations (continued) Net Assets Value (000's) Financial Services (continued) Health Care 0.41% 800,000 Bank of America Corp., 6.500%, due 10/29/49 $ 852 615,000 Providence Health & Services Obligated Group, 6.250%, due 10/1/19 $ 692 700,000 Bank of New York Mellon Corp., 2.100%, due 1/15/19 716 995,000 Aetna Inc., 1.900%, due 6/7/19 1,008 875,000 Bank One Corp., 8.530%, due 3/1/19 1,019 1,700 970,000 BB&T Corp., 1.600%, due 8/15/17 975 1,020,000 BB&T Corp.,2.250%, due 2/1/19 1,045 Materials & Processing 2.19% 1,100,000 Broadridge Financial Solutions Inc., 3.950%, due 9/1/20 1,174 1,000,000 Beverage Packaging Holdings Luxembourg II SA , 5.625%, due 12/15/16 1,003 500,000 Cantor Fitzgerald LP, 6.500%, due 6/17/22 528 1,025,000 Bunge NA Finance LP, 5.900%, due 4/1/17 1,058 445,000 Cantor Fitzgerald LP, 7.875%, due 10/15/29 499 1,370,000 Caterpillar Financial Services Corp., 2.250%, due 12/1/19 1,411 1,165,000 Capital One NA/Mclean VA, 2.350%, due 8/17/18 1,181 600,000 Dow Chemical Co., 5.216%, due 3/1/23 729 2,270,000 Citigroup Inc., 2.050%, due 12/7/18 2,288 1,050,000 IDEX Corp., 4.500%, due 12/15/20 1,129 550,000 Citigroup Inc., 2.500%, due 9/26/18 561 1,000,000 Roper Technologies Inc., 6.250%, due 9/1/19 1,126 1,000,000 Citigroup Inc., 8.500%, due 5/22/19 1,179 1,725,000 SBA Tower Trust, 5.101%, due 4/15/42 1,731 1,121,000 Cooperative Rabobank UA, 10.999%, due 12/29/49 1,337 805,000 Worthington Industries Inc., 6.500%, due 4/15/20 891 835,000 Corrections Corp of America, 4.125%, due 4/1/20 859 9,078 1,015,000 Credit Suisse/New York NY, 1.375%, due 5/26/17 1,016 617,188 DB Master Finance LLC 2015-1, 3.262%, due 2/20/45 623 Producer Durables 1.43% 1,500,000 Depository Trust & Clearing Corp, 4.874%, due 12/29/49 1,502 1,340,000 Anheuser-Busch InBev Finance Inc., 2.650%, due 2/1/21 1,390 832,000 Eaton Vance Corp., 6.500%, due 10/2/17 878 975,000 Anheuser-Busch InBev Worldwide Inc., 7.750%, due 1/15/19 1,128 1,000,000 Equifax Inc., 6.300%, due 7/1/17 1,047 38,673 Burlington Northern and Santa Fe Railway Co. Trust, 4.967%, due 4/1/23 42 1,130,000 ERAC USA Finance LLC, 2.600%, due 12/1/21 1,148 402,638 Federal Express Corp. 1996 Pass Through Trust, 7.840%, due 1/30/18 430 616,000 FMR LLC, 7.490%, due 6/15/19 716 1,100,000 Kansas City Southern, 1.334%, due 10/28/16 1,099 620,000 Genworth Holdings Inc., 7.625%, due 9/24/21 528 1,000,000 Tyco International Finance SA, 3.750%, due 1/15/18 1,021 190,000 Goldman Sachs Capital II, 2.000%, due 4/25/19 192 680,574 Union Pacific Railroad Co. 2006 Pass Through Trust, 5.866%, due 7/2/30 800 1,855,000 Goldman Sachs Capital II, 2.625%, due 1/31/19 1,899 5,910 320,000 Goldman Sachs Capital II, 2.900%, due 7/19/18 328 875,000 Hartford Financial Services Group Inc., 5.375%, due 3/15/17 900 Technology 1.10% 920,000 Hartford Financial Services Group Inc.,5.500%, due 10/15/16 932 1,275,000 Alibaba Group Holding Ltd, 2.500%, due 11/28/19 1,290 1,000,000 International Lease Finance Corp., 3.875%, due 4/15/18 1,018 1,010,000 EMC Corp/MA, 3.375%, due 6/1/23 920 925,000 iStar Inc., 4.000%, due 11/1/17 910 1,280,000 Fidelity National Information Services Inc., 5.000%, due 3/15/22 1,334 1,850,000 JPMorgan Chase & Co., 2.350%, due 1/28/19 1,896 1,000,000 Samsung Electronics America Inc., 1.750%, due 4/10/17 1,003 625,000 Liberty Mutual Group Inc., 6.700%, due 8/15/16 629 4,547 700,000 Liberty Property LP, 5.500%, due 12/15/16 713 620,000 Lloyds Bank PLC, 12.000%, due 12/29/49 841 Utilities 3.01% 350,000 Mellon Capital IV, 4.000%, due 6/29/49 281 1,730,000 AT&T Inc., 1.700%, due 6/1/17 1,737 1,055,000 MetLife Inc., 1.756%, due 12/15/17 1,065 375,000 AT&T Inc., 2.450%, due 6/30/20 383 960,000 Metropolitan Life Global Funding I, 3.650%, due 6/14/18 1,003 845,000 British Telecommunications PLC, 1.250%, due 2/14/17 845 930,000 Morgan Stanley, 2.800%, due 6/16/20 953 1,000,000 CCO Holdings LLC / CCO Holdings Capital Corp, 5.125%, due 5/1/23 1,006 1,195,000 Morgan Stanley, 6.250%, due 8/28/17 1,260 230,000 Deutsche Telekom International Finance BV, 2.250%, due 3/6/17 232 850,000 National Austral Bank Loan, 8.000%, due 9/29/49 862 62,000 DPL Inc., 6.500%, due 10/15/16 62 545,000 New York Life Global Funding, 1.300%, due 4/27/18 547 1,100,000 Frontier Communications Corp., 6.250%, due 9/15/21 1,037 1,345,000 New York Life Global Funding, 2.150%, 6/18/19 1,378 642,310 Great River Energy, 5.829%, due 7/1/17 666 1,200,000 Omega Healthcare Investors Inc., 5.875%, due 3/15/24 1,257 610,000 NextEra Energy Capital Holdings Inc., 2.700%, due 9/15/19 629 1,747,552 Pershing Road Development Co. LLC, 1.073%, due 9/1/26 1,555 450,000 PSEG Power LLC, 2.450%, due 11/15/18 458 1,080,000 PNC Bank NA, 1.850%, due 7/20/18 1,092 305,000 PSEG Power LLC, 5.320%, due 9/15/16 307 1,275,000 PNC Preferred Funding Trust II, 1.874%, due 3/29/49 1,122 310,000 Public Service Electric & Gas Co., 2.300%, due 9/15/18 317 930,000 Pricoa Global Funding I, 2.550%, due 11/24/20 961 1,135,000 The Southern Co., 2.750%, due 6/15/20 1,176 1,190,000 Principal Life Global Funding II, 1.500%, due 9/11/17 1,195 865,000 T-Mobile USA Inc., 6.625%, due 4/1/23 916 1,110,000 Principal Life Global Funding II, 2.200%, due 4/8/20 1,128 455,000 Verizon Communications Inc., 1.350%, due 6/9/17 456 880,000 Prudential Financial Inc., 8.875%, due 6/15/68 968 1,115,000 Verizon Communications Inc., 3.650%, due 9/14/18 1,172 705,024 Salton Sea Funding Corp., 7.475%, due 11/30/18 700 985,000 Verizon Communications Inc., 4.500%, due 9/15/20 1,093 900,000 Scottrade Financial Services Inc., 6.125%, due 7/11/21 968 12,492 802,207 Small Business Administration Pools, 0.880%, due 5/25/31 797 TOTAL CORPORATE OBLIGATIONS 282,913 Small Business Administration Pools, 1.000%, due 4/25/28 283 (Cost $150,408,897) 151,080 760,846 Sovereign Bank Lease Pass-Through Trust, 12.180%, due 6/30/20 982 635,000 State Street Capital Trust I, 1.186%, due 5/15/28 541 Municipals 3.02% 850,000 State Street Corp., 4.956%, due 3/15/18 891 640,000 Chicago Board of Education, 0.000%, due 12/1/19 576 940,000 The Royal Bank of Scotland Group PLC, 9.500%, due 3/16/22 977 1,000,000 City of Chicago Heights IL, 4.750%, due 1/15/20 1,062 905,000 Torchmark Corp., 9.250%, due 6/15/19 1,081 1,000,000 Commonwealth of Puerto Rico, 5.500%, due 7/1/20 1,053 830,000 UBS AG/Stamford CT, 5.875%, due 12/20/17 882 750,000 County of Clermont OH Sewer System Revenue, 4.000%,due 8/1/20 798 918,750 Ulani MSN 35940 LLC, 2.227%, due 5/16/25 942 510,000 County of Jefferson AL, 4.900%, due 4/1/17 518 1,000,000 UniCredit Bank Austria AG, 7.250%, due 2/15/17 1,026 500,000 County of Wayne MI, 4.250%, due 12/1/18 506 350,000 USB Capital IX, 3.500%, due 10/29/49 286 1,175,000 Industry Public Facilities Authority, 3.139%, due 1/1/20 1,247 281,994 Utility Contract Funding LLC, 7.944%, due 10/1/16 285 600,000 Kansas Development Finance Authority, 1.877%, due 4/15/18 609 1,970,000 Wells Fargo & Co., 1.750%%, due 5/24/19 1,997 67,347 Louisiana Public Facilities Authority, 5.750%, due 2/1/19 68 800,000 Wells Fargo & Co., 5.900%, due 12/29/49 823 1,000,000 Metropolitan Transportation Authority, 7.134%, due 11/15/30 1,219 74,119 750,000 Miami Beach Redevelopment Agency, 2.796%, due 2/1/19 764 1,500,000 New Jersey Economic Development Authority, 5.500%, due 9/1/23 1,769

23 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND JUNE 30, 2016

Principal Percent of Fair Principal Percent of Fair Amount Net Assets Value (000's) Amount U.S. Agency Obligations (continued) Net Assets Value (000's) Municipals (continued) Federal National Mortgage Association (continued) 400,000 Philadelphia Authority for Industrial Development, 0.000%, due 4/15/18 $ 387 1,287,327 3.860%, due 3/1/18 $ 1,332 1,130,000 State of California, 7.700%, due 11/1/30 1,370 238,334 4.000%, due 3/1/31 258 550,000 Tulsa Public Facilities Authority, 6.600%, due 11/15/29 594 369,858 4.500%, due 5/1/31 406 TOTAL MUNICIPALS 12,540 2,460,000 4.506%, due 6/1/19 2,566 (Cost $12,131,228) 120,745 5.000%, due 2/1/23 $ 127 U.S. Agency Obligations 17.80% 212,516 6.000%, due 10/1/22 234 Federal Home Loan Mortgage Corporation 3.29% 25,145 6.500%, due 5/1/17 25 2,737,493 1.329%, due 1/25/20 2,749 42,346 1,720,177 1.383%, due 3/25/18 1,710 Government National Mortgage Association 1.37% 737,088 1.426%, due 8/25/17 739 632,508 0.514%, due 5/16/35 623 1,892,140 1.655%, due 11/25/16 1,892 476,858 1.614%, due 7/16/39 473 791,762 1.680%, due 10/25/19 803 317,384 1.771%, due 11/16/38 317 5,665,000 1.780%, due 7/25/19 5,750 59,143 2.000%, due 11/20/36 59 13,643 986,749 2.000%, due 3/16/26 1,005 Freddie Mac 2.93% 1,077,404 2.140%, due 8/15/23 1,103 1,518,409 1.000%, due 8/15/18 1,516 452,339 3.000%, due 7/20/36 457 3,098,167 1.500%, due 9/15/26 3,093 170,050 3.250%, due 3/20/39 175 849,429 1.750%, due 11/15/29 857 1,438,846 3.619%, due 9/16/41 1,483 481,779 2.000%, due 10/15/19 487 TOTAL U.S. AGENCY OBLIGATIONS 5,695 197,935 2.000%, due 5/15/20 199 (Cost $73,484,697) 73,830 797,388 2.000%, due 5/15/23 806 108,273 2.250%, due 11/15/28 109 U.S Treasury Notes 16.25% 1,329,884 2.509%, due 6/15/50 1,378 6,200,000 0.875%, due 12/31/16 6,214 993,383 3.000%, due 7/1/24 1,043 3,865,000 1.000%, due 5/31/18 3,895 1,245 3.000%, due 7/15/27 1 4,000,000 1.500%, due 10/31/19 4,093 1,470,450 3.000%, due 8/1/29 1,554 5,630,000 1.625%, due 4/30/19 5,774 194,847 4.000%, due 9/1/20 202 21,525,000 2.250%, due 3/31/21 22,777 81,795 4.000%, due 12/15/24 84 10,750,000 2.375%, due 5/31/18 11,114 283,185 4.500%, due 4/1/25 303 12,500,000 2.625%, due 8/15/20 13,363 356,715 4.500%, due 9/1/26 381 150,000 3.250%, due 3/31/17 153 121,828 6.000%, due 3/1/23 133 TOTAL U.S. GOVERNMENT OBLIGATIONS 67,383 12,146 (Cost $66,675,010) Federal National Mortgage Association 10.21% 445,996 0.750%, due 12/25/17 446 Short-Term Investments 3.66% 1,879,471 0.848%, due 1/25/19 1,880 15,189,119 Dreyfus Government Cash Management Fund 15,189 394,441 0.856%, due 9/25/19 394 TOTAL SHIORT TERM INVESTMENTS 863,780 0.882%, due 4/25/18 864 (Cost $15,189,119) 149,362 1.074%, due 11/25/16 149 110,780 1.103%, due 9/25/23 111 TOTAL INVESTMENTS 413,870 256,279 1.114%, due 2/25/17 257 (Cost $412,426,9320) 2,111,262 1.246%, due 8/25/17 2,115 1,103,690 1.374%, due 2/25/21 1,111 2,585,930 1.451%, due 2/25/18 2,606 1,804,798 1.468%, due 2/25/23 1,820 1,027,345 1.500%, due 5/25/29 1,031 1,174,810 1.500%, due 7/1/17 1,174 715,295 1.520%, due 12/25/19 720 570,000 1.550%, due 4/25/18 575 603,949 1.600%, due 5/25/18 609 996,454 1.700%, due 8/25/18 1,008 1,380,000 1.730%, due 1/1/17 1,381 873,837 1.750%, due 6/25/21 882 420,774 1.750%, due 1/25/22 424 831,043 1.750%, due 4/25/31 839 4,525,000 1.785%, due 6/25/19 4,584 654,546 1.824%, due 2/25/22 666 2,300,155 1.940%, due 1/1/17 2,299 1,125,253 2.000%, due 5/25/25 1,135 910,026 2.101%, due 10/25/23 938 2,030,895 2.369%, due 7/25/22 2,113 1,033,435 2.399%, due 10/1/22 1,075 8 2.500%, due 9/25/26 516 131,974 3.000%, due 12/25/25 135 444,902 3.240%, due 12/10/23 444 3,012,923 3.530%, due 1/1/18 3,097

24 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS OPPORTUNISTIC BOND FUND JUNE 30, 2016

Shares Common Stocks 0.21% Fair Shares Common Stocks 0.00% Fair Securities Sold Short Value (000's) Securities Sold Short Value (000's) Consumer Discretionary 0.25% Technology 0.21% 12,160 Marriott International Inc./MD $ 808 8,175 Lam Research Corp. $ 687 4,886 Nexstar Broadcasting Group Inc. 232 3,069 VMware Inc. 177 1,040 864 Consumer Staples 0.29% TOTAL COMMON STOCKS 7,368 54,150 Koninklijke Ahold NV 1,197 (Cost $7,342,512) TOTAL SECURITIES SOLD SHORT (7,368) Energy 0.20% (Cost $7,342,512) 19,687 Range Resources Corp 849 Other Assets, Less Liabilities 0.17% 691 Financial Services 0.18% 68,812 Annaly Capital Management Inc. 762 NET ASSETS 100.00% $ 414,561 31,128 BBCN Bancorp Inc. 464 8,408 Chemical Financial Corp. 314 71,036 Huntington Bancshares Inc./OH 635 58,870 New York Community Bancorp Inc. 882 3,057

Health Care 0.09% 9,178 Abbott Laboratories 361

25 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND JUNE 30, 2016

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 59.03% Number of Stocks 480 Top Ten Stocks 14.24%

Fixed Income Securities Asset Backed Securities 0.78% Commercial Mortgage Backed Securities 0.40% Corporate Obligations 14.27% Municipals 0.51% U.S. Agency Obligations 8.30% U.S. Government Obligations 13.89% Dreyfus Government Cash Management Fund 2.53% Other Assets, Less Liabilities 0.29%

Top 10 Equity Holdings (% of Net Assets) Wells Fargo & Co. 1.81% Microsoft Corp. 1.66% Bank of America Corp. 1.48% Capital One Financial Corp. 1.46% Comcast Corp. 1.46% UnitedHealth Group Inc. 1.30% Hewlett Packard Enterprise Co. 1.29% Time Warner Inc. 1.27% Schlumberger Ltd 1.27% Wal-Mart Stores Inc. 1.25%

Top 5 Industries (Equity Securities only) (% of Net Assets) Financial Services 14.40% Technology 12.93% Consumer Discretionary 10.55% Health Care 6.04% Energy 5.51%

26 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND JUNE 30, 2016

Shares Common Stocks 59.03% Fair Shares Common Stocks (continued) Fair Value (000's) Value (000's) Consumer Discretionary 10.55% Consumer Discretionary (continued) 178 Advance Auto Parts Inc. $ 29 236 O'Reilly Automotive Inc. $ 64 993 Amazon.com Inc. 711 771 Priceline Group Inc. 963 200 AutoNation Inc. 9 785 PulteGroup Inc. 15 73 AutoZone Inc. 58 224 PVH Corp. 21 400 Bed Bath & Beyond Inc. 17 158 Ralph Lauren Corp 14 725 Best Buy Co Inc. 22 1,000 Ross Stores Inc. 57 500 BorgWarner Inc. 15 400 Royal Caribbean Cruises Ltd 27 500 CarMax Inc. 25 200 Scripps Networks Interactive Inc. 12 1,100 Carnival Corp. 49 217 Signet Jewelers Ltd 18 1,000 CBS Corp. 54 1,550 Staples Inc. 13 7,825 Charter Communications Inc. 1,789 3,700 Starbucks Corp. 211 73 Chipotle Mexican Grill Inc. 29 400 Starwood Hotels & Resorts Worldwide Inc. 30 18,642 Coach Inc. 759 12,500 Target Corp. 873 45,055 Comcast Corp. 2,937 500 TEGNA Inc. 12 1,354 Costco Wholesale Corp. 213 300 Tiffany & Co. 18 300 Darden Restaurants Inc. 19 34,966 Time Warner Inc. 2,571 700 Delphi Automotive PLC 44 1,600 TJX Cos. Inc. 124 400 Discovery Communications Inc. Class A 10 300 Tractor Supply Co. 27 600 Discovery Communications Inc. Class C 14 303 TripAdvisor Inc. 19 14,000 DISH Network Corp. 734 18,000 Twenty-First Century Fox Inc. Class B 491 700 Dollar General Corp. 66 49,200 Twenty-First Century Fox Inc. Class A 1,331 592 Dollar Tree Inc. 56 155 Ulta Salon Cosmetics & Fragrance Inc. 38 800 DR Horton Inc. 25 400 Under Armour Inc. Class A 16 2,620 eBay Inc. 61 403 Under Armour Inc. Class C 15 600 Estee Lauder Cos. Inc. 55 200 Urban Outfitters Inc. 6 288 Expedia Inc. 31 796 VF Corp. 49 300 Foot Locker Inc. 16 800 Viacom Inc. 33 9,500 Ford Motor Co. 119 34,690 Wal-Mart Stores Inc. 2,533 500 Gap Inc. 11 3,908 Walt Disney Co. 382 300 Garmin Ltd 13 188 Whirlpool Corp. 31 3,400 General Motors Co. 96 280 Wyndham Worldwide Corp. 20 323 Genuine Parts Co. 33 222 Wynn Resorts Ltd 20 600 Goodyear Tire & Rubber Co. 15 980 Yum! Brands Inc. 81 600 H&R Block Inc. 14 21,295 1,000 Hanesbrands Inc. 25 10,970 Harley-Davidson Inc. 497 Consumer Staples 2.23% 184 Harman International Industries Inc. 13 1,500 Archer-Daniels-Midland Co 64 300 Hasbro Inc. 25 342 Brown-Forman Corp. 34 3,389 Home Depot Inc. 433 1,100 Campbell Soup Co. 73 928 Interpublic Group of Cos Inc. 21 415 Clorox Co. 57 1,600 Johnson Controls Inc. 71 13,000 Coca-Cola Co. 589 500 Kohl's Corp. 19 2,854 Colgate-Palmolive Co. 209 600 L Brands Inc. 40 1,750 ConAgra Foods Inc. 84 300 Leggett & Platt Inc. 15 786 Constellation Brands Inc. 130 400 Lennar Corp. 18 3,176 CVS Health Corp. 304 24,075 Liberty Interactive Corp. QVC Group 611 700 Dr Pepper Snapple Group Inc. 68 700 LKQ Corp. 22 2,300 General Mills Inc. 164 2,200 Lowe's Cos Inc. 174 529 Hershey Co. 60 760 Macy's Inc. 26 1,300 Hormel Foods Corp. 48 511 Marriott International Inc./MD 34 385 JM Smucker Co. 59 870 Mattel Inc. 27 1,200 Kellogg Co. 98 2,720 McDonald's Corp. 327 1,219 Kimberly-Clark Corp. 168 400 Michael Kors Holdings Ltd 20 1,700 Kraft Heinz Co. 150 154 Mohawk Industries Inc. 29 2,400 Kroger Co. 88 1,040 Netflix Inc. 95 500 McCormick & Co. Inc./MD 53 1,100 Newell Brands Inc. 53 411 Mead Johnson Nutrition Co 37 300 News Corp. 4 652 Molson Coors Brewing Co. 66 10,925 News Corp. 124 4,700 Mondelez International Inc. 214 900 Nielsen Holdings PLC 47 381 Monster Beverage Corp. 61 3,290 NIKE Inc. 182 5,172 PepsiCo Inc. 548 300 Nordstrom Inc. 11 7,940 Procter & Gamble Co. 672 600 Omnicom Group Inc. 49 2,100 Sysco Corp. 107

27 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND JUNE 30, 2016

Shares Common Stocks (continued) Fair Shares Common Stocks (continued) Fair Value (000's) Value (000's) Consumer Staples (continued) Financial Services (continued) 1,300 Tyson Foods Inc. $ 87 52,647 Bank of New York Mellon Corp. $ 2,045 2,200 Walgreens Boots Alliance Inc. 183 27,500 BB&T Corp. 979 800 Whole Foods Market Inc. 26 4,990 Berkshire Hathaway Inc. 723 4,501 307 BlackRock Inc. 105 373 Boston Properties Inc. 49 Energy 5.51% 46,319 Capital One Financial Corp. 2,942 10,578 Anadarko Petroleum Corp. 563 700 CBRE Group Inc. 19 30,928 Apache Corp. 1,722 97,900 Charles Schwab Corp. 2,478 32,980 Baker Hughes Inc. 1,488 1,650 Chubb Ltd 216 1,100 Cabot Oil & Gas Corp. 28 361 Cincinnati Financial Corp. 27 1,400 Chesapeake Energy Corp. 6 7,211 Citigroup Inc. 306 4,574 Chevron Corp. 479 1,300 Citizens Financial Group Inc. 26 230 Cimarex Energy Co. 27 805 CME Group Inc./IL 78 1,000 Columbia Pipeline Group Inc. 25 410 Comerica Inc. 17 6,114 Concho Resources Inc. 729 800 Crown Castle International Corp. 81 2,996 ConocoPhillips 131 400 Digital Realty Trust Inc. 44 1,200 Devon Energy Corp. 44 1,050 Discover Financial Services 56 200 Diamond Offshore Drilling Inc. 5 92 Dun & Bradstreet Corp. 11 1,313 EOG Resources Inc. 110 640 E*TRADE Financial Corp. 15 400 EQT Corp. 31 288 Equifax Inc. 37 10,444 Exxon Mobil Corp. 979 205 Equinix Inc. 79 191 First Solar Inc. 9 900 Equity Residential 62 600 FMC Technologies Inc. 16 159 Essex Property Trust Inc. 36 2,100 Halliburton Co. 95 300 Extra Space Storage Inc. 28 287 Helmerich & Payne Inc. 19 169 Federal Realty Investment Trust 28 600 Hess Corp. 36 700 Fidelity National Information Services Inc. 52 4,463 Kinder Morgan Inc/DE 84 1,900 Fifth Third Bancorp 33 2,024 Marathon Oil Corp. 30 542 Fiserv Inc. 59 1,324 Marathon Petroleum Corp. 50 909 Franklin Resources Inc. 30 400 Murphy Oil Corp. 13 1,400 General Growth Properties Inc. 42 29,900 National Oilwell Varco Inc. 1,006 400 Global Payments Inc. 29 500 Newfield Exploration Co. 22 13,454 Goldman Sachs Group Inc. 1,999 1,048 Noble Energy Inc. 38 1,000 Hartford Financial Services Group Inc. 44 1,830 Occidental Petroleum Corp. 138 1,100 HCP Inc. 39 500 ONEOK Inc. 24 1,859 Host Hotels & Resorts Inc. 30 1,148 Phillips 66 91 1,900 Huntington Bancshares Inc./OH 17 397 Pioneer Natural Resources Co. 60 289 Intercontinental Exchange Inc. 74 400 Range Resources Corp. 17 1,000 Invesco Ltd 26 32,382 Schlumberger Ltd 2,561 594 Iron Mountain Inc. 24 900 Southwestern Energy Co. 11 36,777 JPMorgan Chase & Co. 2,285 1,596 Spectra Energy Corp. 58 1,980 KeyCorp 22 326 Tesoro Corp. 24 1,000 Kimco Realty Corp. 31 900 Transocean Ltd 11 300 Legg Mason Inc. 9 1,130 Valero Energy Corp. 58 800 Leucadia National Corp. 14 42,100 Weatherford International PLC 234 568 Lincoln National Corp. 22 1,700 Williams Cos Inc. 37 700 Loews Corp. 29 11,109 386 M&T Bank Corp. 46 300 Macerich Co. 26 Financial Services 14.40% 1,800 Marsh & McLennan Cos. Inc. 123 113,000 Aegon NV 453 2,350 MasterCard Inc. 207 137 Affiliated Managers Group Inc. 19 32,700 MetLife Inc. 1,302 1,000 Aflac Inc. 72 414 Moody's Corp. 39 144 Alliance Data Systems Corp. 28 3,700 Morgan Stanley 96 900 Allstate Corp. 63 300 Nasdaq Inc. 19 29,540 American Express Co. 1,795 800 Navient Corp. 10 2,911 American International Group Inc. 154 550 Northern Trust Corp. 36 1,118 American Tower Corp. 127 2,720 PayPal Holdings Inc. 99 410 Ameriprise Financial Inc. 37 800 People's United Financial Inc. 12 656 Aon PLC 72 1,216 PNC Financial Services Group Inc. 99 355 Apartment Investment & Management Co. 16 640 Principal Financial Group Inc. 26 400 Arthur J Gallagher & Co. 19 1,400 Progressive Corp. 47 200 Assurant Inc. 17 1,292 Prologis Inc. 63 333 AvalonBay Communities Inc. 60 1,140 Prudential Financial Inc. 81 225,100 Bank of America Corp. 2,987 702 Public Storage 179

28 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND JUNE 30, 2016

Shares Common Stocks (continued) Fair Shares Common Stocks (continued) Fair Value (000's) Value (000's) Financial Services (continued) Health Care (continued) 600 Realty Income Corp. $ 42 1,034 Vertex Pharmaceuticals Inc. $ 89 3,270 Regions Financial Corp. 28 626 Zimmer Biomet Holdings Inc. 75 644 S&P Global Inc. 69 4,100 Zoetis Inc. 192 979 Simon Property Group Inc. 212 12,194 243 SL Green Realty Corp. 26 1,010 State Street Corp. 54 Materials & Processing 1.15% 1,200 SunTrust Banks Inc. 49 166 Acuity Brands Inc. 41 2,000 Synchrony Financial 51 562 Air Products & Chemicals Inc. 80 600 T Rowe Price Group Inc. 44 3,300 Alcoa Inc. 31 275 Torchmark Corp. 17 300 Ball Corp. 22 425 Total System Services Inc. 23 12,000 Celanese Corp. 785 716 Travelers Cos Inc. 85 595 CF Industries Holdings Inc. 14 700 UDR Inc. 26 2,800 Dow Chemical Co. 139 600 Unum Group 19 404 Eastman Chemical Co. 27 4,000 US Bancorp 161 832 Ecolab Inc. 99 800 Ventas Inc. 58 2,200 EI du Pont de Nemours & Co. 143 4,640 Visa Inc. 344 1,700 Fastenal Co. 75 469 Vornado Realty Trust 47 300 FMC Corp. 14 77,339 Wells Fargo & Co. 3,660 2,992 Freeport-McMoRan Inc. 33 900 Welltower Inc. 69 900 Ingersoll-Rand PLC 57 1,184 Western Union Co. 23 194 International Flavors & Fragrances Inc. 24 1,862 Weyerhaeuser Co. 55 1,000 International Paper Co. 42 336 Willis Towers Watson PLC 42 837 LyondellBasell Industries NV 62 710 XL Group PLC 24 156 Martin Marietta Materials Inc. 30 500 Zions Bancorporation 13 2,200 Masco Corp. 68 29,067 1,092 Monsanto Co. 113 900 Mosaic Co. 24 Health Care 6.04% 1,300 Newmont Mining Corp. 51 4,260 Abbott Laboratories 167 800 Nucor Corp. 40 1,112 Aetna Inc. 136 400 Owens-Illinois Inc. 7 1,298 Alexion Pharmaceuticals Inc. 152 648 PPG Industries Inc. 67 508 AmerisourceBergen Corp. 40 772 Praxair Inc. 87 3,059 Amgen Inc. 465 430 Sealed Air Corp. 20 6,732 Anthem Inc. 884 209 Sherwin-Williams Co. 61 1,060 Biogen Inc. 256 410 Vulcan Materials Co. 49 4,987 Boston Scientific Corp. 117 590 WestRock Co. 23 1,025 Cardinal Health Inc. 80 2,328 3,278 Celgene Corp. 323 400 Centene Corp. 29 Producer Durables 4.36% 808 Cerner Corp. 47 3,489 3M Co. 611 14,709 Cigna Corp. 1,883 1,525 Accenture PLC 173 392 CR Bard Inc. 92 300 Alaska Air Group Inc. 17 502 DaVita HealthCare Partners Inc. 39 466 Allegion PLC 32 900 DENTSPLY SIRONA Inc. 56 1,500 American Airlines Group Inc. 42 992 Edwards Lifesciences Corp. 99 700 AMETEK Inc. 32 22,879 Express Scripts Holding Co. 1,734 1,100 Automatic Data Processing Inc. 101 5,156 Gilead Sciences Inc. 430 200 Avery Dennison Corp. 15 368 Henry Schein Inc. 65 1,691 Caterpillar Inc. 128 600 Hologic Inc. 21 400 CH Robinson Worldwide Inc. 30 360 Humana Inc. 65 200 Cintas Corp. 20 703 Illumina Inc. 99 2,300 CSX Corp. 60 166 Intuitive Surgical Inc. 110 525 Cummins Inc. 59 288 Laboratory Corp of America Holdings 38 11,400 Danaher Corp. 1,151 734 Mallinckrodt PLC 45 1,360 Deere & Co. 110 608 McKesson Corp. 113 1,900 Delta Air Lines Inc. 69 13,631 Medtronic PLC 1,183 400 Dover Corp. 28 200 Patterson Cos Inc. 10 1,400 Eaton Corp. PLC 84 400 Quest Diagnostics Inc. 33 2,700 Emerson Electric Co. 141 435 Regeneron Pharmaceuticals Inc. 152 400 Expeditors International of Washington Inc. 20 700 St Jude Medical Inc. 55 11,623 FedEx Corp. 1,764 1,570 Stryker Corp 188 300 FLIR Systems Inc. 9 18,525 UnitedHealth Group Inc. 2,616 323 Flowserve Corp. 15 200 Varian Medical Systems Inc. 16 2,121 Illinois Tool Works Inc. 221

29 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND JUNE 30, 2016

Shares Common Stocks (continued) Fair Shares Common Stocks (continued) Fair Value (000's) Value (000's) Producer Durables (continued) Technology (continued) 200 JB Hunt Transport Services Inc. $ 16 500 Microchip Technology Inc. $ 25 303 Kansas City Southern 27 2,500 Micron Technology Inc. 34 755 Norfolk Southern Corp. 64 65,350 Microsoft Corp. 3,344 1,233 PACCAR Inc. 64 371 Motorola Solutions Inc. 24 549 Parker-Hannifin Corp. 59 35,900 NetApp Inc. 883 800 Paychex Inc. 48 1,250 NVIDIA Corp. 59 595 Pentair PLC 35 7,738 Oracle Corp. 317 500 Pitney Bowes Inc. 9 300 Qorvo Inc. 17 400 Quanta Services Inc. 9 3,670 QUALCOMM Inc. 197 575 Republic Services Inc. 30 400 Red Hat Inc. 29 300 Robert Half International Inc. 11 1,488 salesforce.com Inc. 118 498 Rockwell Automation Inc. 57 700 Seagate Technology PLC 17 500 Rockwell Collins Inc. 43 437 Skyworks Solutions Inc. 28 455 Roper Technologies Inc. 78 76,523 Symantec Corp. 1,572 100 Ryder System Inc. 6 15,800 Synopsys Inc. 854 252 Snap-on Inc. 40 17,950 TE Connectivity Ltd 1,025 1,600 Southwest Airlines Co. 63 300 Teradata Corp. 8 873 Stanley Black & Decker Inc. 97 2,500 Texas Instruments Inc. 157 256 Stericycle Inc. 27 200 VeriSign Inc. 17 233 TransDigm Group Inc. 61 11,300 VMware Inc. 647 23,275 Tyco International Plc 992 650 Western Digital Corp. 31 15,361 Union Pacific Corp. 1,340 600 Xilinx Inc. 28 800 United Continental Holdings Inc. 33 2,100 Yahoo! Inc. 79 1,747 United Parcel Service Inc. 188 26,100 262 United Rentals Inc. 18 400 Verisk Analytics Inc. 32 Utilites 1.86% 1,200 Waste Management Inc. 80 1,600 AES Corp/VA 20 1,335 Waters Corp. 188 267 AGL Resources Inc. 18 315 WW Grainger Inc. 72 630 Ameren Corp. 34 2,374 Xerox Corp. 23 1,290 American Electric Power Co. Inc. 90 1,000 Xylem Inc/NY 45 500 American Water Works Co. Inc. 42 8,787 16,515 AT&T Inc. 714 1,000 CenterPoint Energy Inc. 24 Technology 12.93% 1,280 CenturyLink Inc. 37 1,200 Activision Blizzard Inc. 48 700 CMS Energy Corp. 32 1,210 Adobe Systems Inc. 116 700 Consolidated Edison Inc. 56 400 Akamai Technologies Inc. 22 1,460 Dominion Resources Inc./VA 114 1,219 Alphabet Inc. Class A 858 390 DTE Energy Co. 39 3,313 Alphabet Inc. Class C 2,293 1,814 Duke Energy Corp. 156 758 Amphenol Corp. 43 800 Edison International 62 800 Analog Devices Inc. 45 390 Entergy Corp. 32 13,568 Apple Inc. 1,297 800 Eversource Energy 48 2,700 Applied Materials Inc. 65 2,258 Exelon Corp. 82 600 Autodesk Inc. 32 1,000 FirstEnergy Corp. 35 901 Broadcom Ltd 140 3,016 Frontier Communications Corp. 15 700 CA Inc. 23 700 Level 3 Communications Inc. 36 76,250 Cisco Systems Inc. 2,188 1,575 NextEra Energy Inc. 205 410 Citrix Systems Inc. 33 800 NiSource Inc. 21 1,464 Cognizant Technology Solutions Corp. 84 800 NRG Energy Inc. 12 300 CSRA Inc. 7 1,200 PG&E Corp. 77 800 Electronic Arts Inc. 61 300 Pinnacle West Capital Corp. 24 89,700 EMC Corp/MA 2,437 1,700 PPL Corp. 64 167 F5 Networks Inc. 19 1,200 Public Service Enterprise Group Inc. 56 7,032 Facebook Inc. 804 300 SCANA Corp. 23 142,152 Hewlett Packard Enterprise Co. 2,597 573 Sempra Energy 65 134,152 HP Inc. 1,684 2,900 Southern Co. 156 11,520 Intel Corp. 378 144,075 Sprint Corp. 653 2,147 International Business Machines Corp. 326 600 TECO Energy Inc. 17 624 Intuit Inc. 70 10,600 Verizon Communications Inc. 592 2,000 Juniper Networks Inc. 45 725 WEC Energy Group Inc. 47 400 KLA-Tencor Corp. 29 1,300 Xcel Energy Inc. 58 392 Lam Research Corp. 33 3,756 600 Linear Technology Corp. 28 TOTAL COMMON STOCK 22,000 Maxim Integrated Products Inc. 785 (Cost $97,986,058) 119,137

30 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND JUNE 30, 2016

Par Fair Par Fair Amount Value (000's) Amount Corporate Obligations (continued) Value (000's) Asset Backed Securities 0.78% Consumer Discretionary (continued) 48,114 Ally Auto Receivables Trust 2016-1, 1.200%, due 8/15/18 $ 48 200,000 Time Warner Cable Inc., 4.125%, due 2/15/21 $ 212 85,000 Ally Auto Receivables Trust 2015-1, 1.390%, due 9/16/19 85 75,000 Time Warner Cable Inc., 6.750%, due 6/15/39 88 190,000 Ally Master Owner Trust, 1.430%, due 6/17/19 190 100,000 Time Warner Cable Inc., 8.250%, due 4/1/19 116 110,000 Ally Master Owner Trust, 1.540%, due 9/15/19 110 45,000 Time Warner Cable Inc., 8.750%, due 2/14/19 53 330,000 Ford Credit Auto Owner Trust 2015-REV1,2.120%, due 7/15/26 335 190,000 Time Warner Cos. Inc., 6.950%, due 1/15/28 246 145,000 Ford Credit Auto Owner Trust 2014-REV1, 2.260%, due 11/15/25 148 225,000 Time Warner Inc., 7.625%, due 4/15/31 309 165,000 Ford Credit Floorplan Master Owner Trust A,1.400%, 8/15/19 165 135,000 Time Warner Inc., 7.700%, due 5/1/32 188 50,000 Ford Credit Floorplan Master Owner Trust A, 1.500%, due 9/15/18 50 5,000 Walgreens Boots Alliance Inc., 3.300%, due 11/18/21 5 68,333 Hertz Vehicle Financing LLC, 1.120%, due 8/25/17 68 95,000 Walgreens Boots Alliance Inc., 3.300%, due 11/18/21 100 125,000 Hertz Vehicle Financing II LP, 2.020%, due 9/25/19 125 150,000 Wal-Mart Stores Inc., 4.300%, due 4/22/44 175 5,822 Home Equity Loan Trust 2003-HS3, 0.733%, due 8/25/33 6 5,177 95,000 Honda Auto Receivables 2016-2 Owner Trust, 1.130%, due 9/15/18 95 68,060 RSB Bondco LLC, 5.820%, due 6/28/19 70 Consumer Staples 0.20% 76,460 SLM Private Education Loan Trust 2012-B, 3.480%, due 10/15/30 78 150,000 Coca-Cola Femsa SAB de CV, 2.375%, due 11/26/18 153 5,625 Structured Asset Securities Corp. Tr. 2005-S7,1.053%, due 12/25/35 6 95,000 Kraft Foods Group Inc., 3.500%, due 6/6/22 101 TOTAL ASSET BACKED SECURITIES 1,579 25,000 Kraft Foods Group Inc., 4.375%, due 6/146 26 (Cost $1,569,726) 30,000 Kraft Foods Group Inc., 6.500%, due 2/9/40 40 70,000 Kraft Heinz Foods Co., 3.500%, due 7/15/22 74 Commercial Mortgage Backed Securities 0.40% 394 145,000 CFCRE Commercial Mortgage Trust, 3.865%, due 1/10/48 160 27,695 Citigroup Commercial Mortgage Tr. 2012-GC8, 0.685%, due 9/10/45 28 Energy 2.87% 3,268 Commercial Mortgage Certificates 0.666%, due 10/15/45 3 45,000 Anadarko Petroleum Corp., 4.500%, due 7/15/44 41 45,883 Commercial Mortgage Trust 2007-GG9, 5.444%, due 3/10/39 46 105,000 Anadarko Petroleum Corp., 6.450%, due 9/15/36 121 43,325 GS Mortgage Securities Corp II, 0.662%, due 11/10/45 43 200,000 BG Energy Capital PLC, 4.000%, due 10/15/21 218 197,891 JPMBB Commercial Mortgage Securities ,1.260%, due 8/15/46 198 300,000 ConocoPhillips Co., 3.350%, due 11/15/24 309 125,000 Morgan Stanley Bank of America 2015-C26, 3.211%, due 10/15/48 130 90,000 ConocoPhillips Co., 4.150%, due 11/15/34 91 3,616 NCUA Guaranteed Notes Trust 2010-C1, 2.650%, due 10/29/20 4 110,000 Consolidated Edison Co. of New York Inc.,4.450%, due 3/15/44 124 99,752 UBS-Barclays Commercial Mortgage Trust, 0.726%, due 8/10/49 100 55,000 Devon Energy Corp., 5.850%, due 12/15/25 61 41,804 Wells Fargo Commercial Mortgage Trust , 0.687%, due 10/15/45 42 80,000 Dominion Resources Inc./VA, 2.500%, due 12/1/19 82 54,098 WF-RBS Commercial Mortgage Trust, 0.734%, due 12/15/45 54 25,000 Dominion Resources Inc./VA, 2.692%, due 7/1/19 25 TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES 808 50,000 Dominion Resources Inc./VA, 4.104%, due 4/1/21 53 (Cost $795,628) 20,000 Duke Energy Florida Inc., 3.850%, due 11/15/42 21 30,000 Duke Energy Progress LLC, 3.00%, due 9/15/21 32 175,000 Enel Finance International NV, 6.000%, due 10/7/39 207 Corporate Obligations 14.27% 50,000 Enel Finance International NV, 6.800%, due 9/15/37 65 Consumer Discretionary 2.56% 135,000 Energy Transfer Partners LP, 4.050%, due 3/15/25 132 115,000 21st Century Fox America Inc., 6.650%, 11/15/37 151 150,000 Ensco PLC, 4.700%, due 3/15/21 125 150,000 American Honda Finance Corp., 3.875%, due 9/21/20 164 75,000 Ensco PLC, 5.750%, due 10/1/44 45 90,000 Caterpillar Financial Services Corp., 2.750%, due 8/20/21 95 80,000 Exelon Corp., 3.950%, due 6/15/25 86 75,000 Charter Communications Operating LLC, 4.908%, due 7/23/25 82 30,000 Fortive Corp., 2.350%, due 6/15/21 30 75,000 Charter Communications Operating LLC, 6.484%, due 10/23/45 90 275,000 Kinder Morgan Inc., 4.300%, due 6/1/25 282 120,000 Comcast Corp.,4.400%, due 8/15/35 135 375,000 Kinder Morgan Inc., 5.550%, due 6/1/45 381 125,000 Cox Communications Inc., 2.950%, due 6/30/23 120 200,000 Kinder Morgan Inc., 5.625%, due 11/15/23 214 275,000 Cox Communications Inc., 3.250%, due 12/15/22 274 110,000 Marathon Oil Corp.,3.850%, due 6/1/25 101 50,000 Cox Communications Inc., 3.850%, due 2/1/25 50 95,000 MidAmerican Energy Co., 5.800%, due 10/15/36 124 50,000 Cox Communications Inc., 5.875%, due 12/1/16 51 30,000 Noble Holding International Ltd.,3.950%, due 3/12/22 21 45,000 Cox Communications Inc., 9.375%, due 1/15/19 52 30,000 Noble Holding International Ltd., 6.950%, due 4/1/25 24 15,000 CVS Health Corp., 3.500%, due 7/20/22 16 115,000 Pacific Gas & Electric Co., 5.625%, due 11/30/17 122 145,000 Daimler Finance North America LLC, 2.000%, due 8/3/18 147 35,000 PacifiCorp., 6.350%, due 7/15/38 49 175,000 Diamond 1 Finance Corp., 4.420%,due 6/15/21 180 85,000 PECO Energy Co., 4.150%, due 10/1/44 97 100,000 Diamond 1 Finance Corp., 5.450%,due 6/15/23 104 60,000 Petrobras Global Finance BV, 4.375%, due 5./20/23 49 85,000 Ford Motor Credit Co. LLC, 2.551%, due 10/5/18 87 140,000 Petrobras Global Finance BV, 5.375%, due 1/27/21 128 200,000 Ford Motor Credit Co. LLC, 2.597%, due 11/4/19 205 45,000 Petroleos De Venezuela SA, 5.375%, due 4/12/27 16 300,000 Ford Motor Credit Co. LLC, 8.125%, due 1/15/20 358 50,000 Petrobras Global Finance BV, 6.250%, due 3/17/24 44 100,000 Macy's Retail Holdings Inc., 6.700%, due 9/15/28 107 360,000 Petroleos De Venezuela SA, 6.000%, due 11/15/26 126 76,000 Macy's Retail Holdings Inc., 6.700%, due 7/15/34 82 90,000 Petroleos Mexicanos, 3.500%, due 7/18/18 91 235,000 Macy's Retail Holdings Inc., 6.900%, due 4/1/29 258 100,000 Petroleos Mexicanos, 4.250%, due 1/15/25 96 50,000 Macy's Retail Holdings Inc., 6.900%, due 1/15/32 53 65,000 Petroleos Mexicanos, 4.500%, due 1/23/26 63 60,000 McDonald's Corp., 2.100%, due 12/7/18 61 150,000 Petroleos Mexicanos, 4.875%, due 1/18/24 152 325,000 Myriad International Holdings BV, 5.500%, due 7/21/25 338 175,000 Petroleos Mexicanos, 5.500%, due 6/27/44 158 75,000 Nordstrom Inc., 6.950%, due 3/15/28 92 110,000 Petroleos Mexicanos, 5.625%, due 1/23/46 100 244,000 RELX Capital Inc., 3.125%, due 10/15/22 248 80,000 Petroleos Mexicanos, 6.375%, due 1/23/45 80 55,000 The Kroger Co., 2.950%, due 11/1/21 58 50,000 Petroleos Mexicanos, 6.875%, due 8/4/26 56 25,000 Time Warner Cable Inc., 4.000%, due 9/1/21 27

31 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND JUNE 30, 2016

Par Fair Par Fair Amount Corporate Obligations (continued) Value (000's) Amount Corporate Obligations (continued) Value (000's) Energy (continued) Financial Services (continued) 70,000 Plains All American Pipeline LP, 4.650%, due 10/15/25 $ 71 70,000 Goldman Sachs Group Inc., 6.150%, due 4/1/18 $ 75 35,000 PSEG Power LLC, 2.750%, due 9/15/16 35 75,000 Goldman Sachs Group Inc., 7.500%, due 2/15/19 86 40,000 Public Service Co of New Hampshire, 3.500%, due 11/1/23 43 75,000 HSBC Holdings PLC, 5.100%, due 4/5/21 83 140,000 Schlumberger Holdings Corp., 3.000%, due 12/21/20 146 240,000 HSBC Holdings PLC, 6.500%, due 5/2/36 288 295,000 Shell International Finance BV, 4.125%, due 5/11/35 318 125,000 HSBC Holdings PLC, 6.500%, due 9/15/37 150 45,000 Statoil ASA, 3.700%, due 3/1/24 49 205,000 HSBC USA Inc., 4.300%, due 3/8/26 217 140,000 Suncor Energy Inc., 6.500%, due 6/15/38 180 245,000 ING Bank NV, 3.750%, due 3/7/17 249 90,000 The Southern Co., 2.150%, due 9/1/19 92 150,000 JPMorgan Chase & Co., 2.250%, due 1/23/20 152 115,000 Total Capital International SA, 2.875%, due 2/17/22 120 70,000 JPMorgan Chase & Co., 2.550%, due 3/1/21 71 110,000 TransCanada PipeLines Ltd., 4.625%, due 3/1/34 116 65,000 JPMorgan Chase & Co., 2.750%, due 6/23/20 67 35,000 Transocean Inc., 6.800%, due 3/15/38 23 90,000 JPMorgan Chase & Co., 2.750%, due 6/23/20 91 50,000 Virginia Electric & Power Co., 4.650%, due 8/15/43 59 310,000 JPMorgan Chase & Co., 3.250%, due 9/23/22 324 100,000 Williams Partners LP, 4.000%, due 9/15/25 92 50,000 JPMorgan Chase & Co., 4.125, due 12/15/26 53 5,786 275,000 Kaupthing Bank Hf, 7.125%, due 5/19/16 1 233,000 Lloyds Bank PLC,4.582%, due 12/10/25 234 Financial Services 4.86% 175,000 Manufacturers & Traders Trust Co., 1.400%, due 7/25/17 175 30,000 Allstate Corp., 3.150%, due 6/15/23 32 20,000 Massachusetts Mutual Life Insurance Co., 8.875%, due 6/1/39 30 75,000 Ally Financial Inc., 3.125%, due 11/05/18 75 75,000 Morgan Stanley, 2.500%, due 4/21/21 76 135,000 Ally Financial Inc., 3.600%, due 5/21/18 135 100,000 Morgan Stanley, 7.300%, due 5/13/19 115 150,000 American Express Credit Corp., 2.250%, due 8/15/19 153 35,000 Navient Corp., 6.000%, due 1/25/17 35 120,000 American Express Credit Corp., 2.600%, due 9/14/20 124 50,000 Navient Corp., 8.450%, due 6/15/18 54 80,000 American International Group Inc., 6.400%, due 12/15/20 94 100,000 New York Life Global Funding, 1.450%, due 12/15/17 101 110,000 American International Group Inc.,3.900%, due 4/1/26 113 80,000 New York Life Global Funding, 2.100%, due 1/2/19 82 170,000 Bank of America Corp., 1.750%, due 6/5/18 171 50,000 New York Life Insurance Co., 6.750%, due 11/15/39 68 40,000 Bank of America Corp., 2.050%, due 12/7/18 41 95,000 Northwestern Mutual Life Insurance Co., 6.063%, due 3/30/40 122 20,000 Bank of America Corp., 2.625%, due 4/19/21 20 75,000 Reliance Standard Life Global Funding II,2.500%, due 1/15/20 76 190,000 Bank of America Corp., 3.300%, due 1/11/23 196 693,000 Rio Oil Finance Trust Series 2014-1, 9.250%, due 7/6/24 593 70,000 Bank of America Corp.,3.500%, due 4/19/26 72 275,000 Royal Bank of Scotland Group PLC, 4.800%, due 4/5/26 280 10,000 Bank of America Corp., 4.000%, due 1/22/25 10 170,000 UBS AG/Stamford CT., 1.800%, due 3/26/18 172 350,000 Bank of America Corp., 4.200%, due 8/26/24 362 25,000 Unum Group, 6.750%, due 12/15/28 29 25,000 Bank of America Corp., 4.250%, due 10/22/26 26 140,000 Visa Inc., 2.800%, due 12/14/22 148 35,000 Bank of America Corp., 4.450%, due 3/3/26 37 130,000 Wells Fargo & Co., 2.600%, due 7/22/20 134 175,000 Bank of America Corp., 5.625%, due 7/1/20 197 135,000 Wells Fargo & Co., 3.000%, due 1/22/21 141 40,000 Bank of America Corp., 5.650%, due 5/1/18 43 150,000 Wells Fargo & Co., 4.300%, due 7/22/27 162 85,000 Bank of America Corp., 6.500%, due 8/1/16 85 9,802 90,000 Bank of New York Mellon Corp., 2.200%, due 3/4/19 92 70,000 Bank of New York Mellon Corp., 3.400%, due 5/15/24 75 Health Care 0.75% 75,000 Bank One Capital III, 8.750%, due 9/1/30 110 45,000 Aetna Inc., 2.200%, due 3/15/19 46 200,000 Barclays PLC, 4.375%, due 9/11/24 193 135,000 Aetna Inc., 2.800%, due 6/15/23 138 325,000 BNP Paribas SA, 4.250%, due 10/15/24 334 119,000 Amgen Inc., 5.650%, due 6/15/51 124 190,000 Boston Properties LP, 3.125%, due 9/1/23 195 125,000 Anthem Inc., 3.700%, due 8/15/21 134 60,000 Boston Properties LP, 3.850%, due 2/1/23 64 35,000 Biogen Inc., 3.625%, due 9/15/22 37 50,000 Boston Properties LP, 5.875% due 10/15/19 56 100,000 Boston Scientific Corp., 6.000%, due 1/15/20 114 100,000 Capital One Financial Corp., 1.650%, due 2/5/18 100 100,000 Cigna Corp., 5.375%, due 2/15/42 118 190,000 Capital One Financial Corp., 3.500%, due 6/15/23 196 35,000 Cigna Corp., 7.875%, due 5/15/27 48 50,000 Capital One Financial Corp., 4.200%, due 10/29/25 51 110,000 Cigna Corp., 8.300%, due 1/15/33 154 125,000 Capital One Financial Corp., 4.750%, due 7/15/21 139 60,000 Gilead Sciences Inc., 3.700%, due 4/1/24 65 185,000 Citigroup Inc., 1.800%, due 2/5/18 186 115,000 Humana Inc., 3.850%, due 10/1/24 123 80,000 Citigroup Inc., 2.150%, due 7/30/18 81 65,000 Medtronic Inc., 3.625, due 3/15/24 72 105,000 Citigroup Inc., 2.500%, due 9/26/18 107 85,000 UnitedHealth Group Inc., 1.900%, due 7/16/18 86 75,000 Citigroup Inc., 3.400%, due 5/1/26 77 85,000 UnitedHealth Group Inc., 2.875%, due 12/15/21 90 215,000 Citigroup Inc., 3.500%, due 5/15/23 219 50,000 Zoetis Inc., 3.450%, due 11/13/20 52 80,000 Citigroup Inc., 4.050%, due 7/30/22 84 100,000 Zoetis Inc., 4.500%, due 11/13/25 110 80,000 Citigroup Inc., 4.500%, due 1/14/22 88 1,511 35,000 Citigroup Inc., 8.125%, due 7/15/39 55 120,000 Credit Suisse/New York NY, 1.750%, due 1/29/18 120 Materials & Processing 0.47% 110,000 Deutsche Bank AG/London, 1.350%, due 5/30/17 109 325,000 Dow Chemical Co., 3.000%, due 11/15/22 334 100,000 ERP Operating LP, 3.000%, due 4/15/23 103 125,000 Dow Chemical Co., 7.375%, due 11/1/29 168 45,000 ERP Operating LP,4.625%, due 12/15/21 51 50,000 Dow Chemical Co., 9.400%, due 5/15/39 78 50,000 Goldman Sachs Group Inc., 3.750%, due 2/25/26 53 105,000 Eastman Chemical Co., 2.700%, due 1/15/20 108 60,000 Goldman Sachs Group Inc., 4.000%, due 3/3/24 64 100,000 International Paper Co., 5.000%, due 9/15/35 108 70,000 Goldman Sachs Group Inc., 5.750%, due 1/24/22 81 150,000 Lafarge SA, 6.500%, due 7/15/16 150 946

32 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND JUNE 30, 2016

Par Fair Par Fair Amount Corporate Obligations (continued) Value (000's) Amount Corporate Obligations (continued) Value (000's) Producer Durables 0.96% Municipals 0.51% 57,242 American Airlines 2011-1 Pass Through Trust, 5.250%, due 7/31/22 $ 62 125,000 New Jersey State Turnpike Authority, 7.102%, due 1/1/41 $ 189 125,000 Anheuser-Busch InBev Finance Inc., 3.300%, due 2/1/23 132 100,000 State of California, 7.500%, due 4/01/34 152 100,000 Anheuser-Busch InBev Worldwide Inc., 7.750%, due 1/15/19 100 100,000 State of California, 7.625%, 3/01/40 158 35,000 BHP Billiton Finance USA Ltd., 3.850%, due 9/30/23 38 175,000 State of Illinois, 5.100%, due 6/1/33 168 48,119 Burlington Northern and Santa Fe Railway Co., 3.442%, due 6/16/28 50 125,000 State of Illinois, 5.365%, due 3/1/17 128 65,745 Burlington Northern and Santa Fe Railway Co., 4.967%, due 4/1/23 72 220,000 State of Illinois, 5.665%, due 3/1/18 232 37,292 Burlington Northern and Santa Fe Railway Co., 6.462%, due 1/15/21 41 TOTAL MUNICIPALS 1,027 62,019 Burlington Northern and Santa Fe Railway Co.,6.727%, due 7/15/22 69 (Cost $914,369) 26,148 Burlington Northern and Santa Fe Railway Co., 8.251%, due 1/15/21 30 170,000 Burlington Northern Santa Fe LLC, 6.875%, due 12/1/27 232 U.S. Agency Obligations 8.30% 105,000 CSX Transportation Inc., 9.750%, due 6/15/20 134 Federal National Mortgage Association 4.64% 49,900 Delta Air Lines 2007-1 Pass Through Trust, 6.821%, due 2/10/24 58 212,064 0.848%, due 1/25/19 212 71,153 Northwest Airlines 2007-1 Class, 7.027%, due 05/01/21 80 112,836 0.882%, due 4/25/18 113 125,000 Teck Resources Ltd., 5.400%, due 2/1/43 82 75,000 1.550%, due 4/25/18 76 32,084 Union Pacific Railroad Co. 2003, 4.698%, due 1/2/24 34 79,059 1.637%, due 11/25/17 80 33,506 Union Pacific Railroad Co. 2005, 5.082%, due 1/2/29 37 149,468 1.700%, due 8/25/18 151 150,938 Union Pacific Railroad Co. 2007, 6.176%, due 1/2/31 184 61,305 1.950%, due 8/1/43 63 75,947 US Airways 2012-1 Pass Through Trust, 5.900%, due 4/1/26 87 109,626 2.097%, due 4/25/25 112 43,495 US Airways 2011-1 Pass Through Trust, 7.125%, due 4/22/25 52 101,406 2.100%, due 12/1/27 103 300,000 Xerox Corp., 4.500%, due 5/15/21 303 85,000 2.131%, due 1/25/23 86 25,000 Xerox Corp., 5.625%, due 12/15/19 27 279,461 2.160%, due 1/1/23 288 35,000 Xerox Corp., 6.750%, due 2/1/17 36 176,377 2.236%, due 3/1/43 181 1,940 110,000 2.263%, due 2/25/43 113 123,248 2.325%, due 7/25/23 127 Technology 0.55% 105,000 2.395%, due 5/25/26 106 120,000 Apple Inc., 3.850%, due 5/4/43 120 115,461 2.468%, due 5/1/44 119 30,000 Apple Inc., 4.375%, due 5/13/45 33 107,432 2.489%, due 8/1/42 111 150,000 Hewlett-Packard Co., 3.600%, due 10/15/20 157 36,957 2.500%, due 3/1/26 38 100,000 Koninklijke Philips NV, 5.750%, due 3/11/18 107 21,604 2.607%, due 9/1/38 23 175,000 Maxim Integrated Products Inc., 2.500%, due 11/15/18 178 71,654 2.734%, due 11/1/21 75 125,000 Microsoft Corp., 3.500%, due 2/12/35 129 135,000 2.951%, due 8/25/24 143 175,000 Oracle Corp., 3.900%, due 5/15/35 179 162,244 3.230%, due 11/1/20 174 200,000 TSMC Global Ltd., 1.625%, due 4/3/18 201 163,612 3.330%, due 10/1/20 176 1,104 27,654 3.500%, due 9/1/28 29 42,137 4.000%, due 4/1/24 45 Utilities 1.06% 59,902 4.000%, due 2/1/27 64 150,000 AT&T Corp., 8.250%, due 11/15/31 216 146,766 4.000%, due 5/1/27 156 220,000 AT&T Inc., 3.400%, due 5/15/25 225 12,181 4.000%, due 11/1/30 13 84,000 AT&T Inc., 4.350%, due 6/15/45 81 125,769 4.000%, due 10/1/33 136 15,000 AT&T Inc., 4.750%, due 5/15/46 15 630,679 4.000%, due 12/1/34 683 125,000 AT&T Inc.,5.650%, due 2/15/47 143 143,467 4.000%, due 8/1/35 155 115,000 AT&T Inc., 6.000%, due 8/15/40 134 911,010 4.000%, due 1/1/36 987 25,000 AT&T Inc., 6.550%, due 2/15/39 31 2,698,678 4.000%, due 3/1/46 2,895 50,000 Sprint Communications Inc., 6.000%, due 12/1/16 50 11,298 4.500%, due 3/1/25 12 25,000 Telecom Italia Capital SA, 6.999%, due 6/4/18 27 65,520 4.500%, due 8/1/26 70 100,000 Telecom Italia Capital SA, 7.175%, due 6/18/19 113 86,148 4.500%, due 5/25/40 94 25,000 Telecom Italia Capital SA, 7.721%, due 6/4/38 26 107,756 4.500%, due 7/1/42 118 462,000 Verizon Communications Inc., 4.272%, due 1/15/36 473 44,015 4.500%, due 10/1/43 48 100,000 Verizon Communications Inc., 4.400%, due 11/1/34 103 113,739 4.500%, due 11/1/43 124 170,000 Verizon Communications Inc., 4.522%, due 9/15/48 177 46,395 5.100%, due 12/1/40 58 15,000 Verizon Communications Inc., 5.850%, due 9/15/35 18 3,450 5.500%, due 1/1/18 4 15,000 Verizon Communications Inc., 6.400%, due 9/15/33 19 18,014 5.500%, due 1/1/24 19 130,000 Verizon Communications Inc., 6.550%, due 9/15/43 175 50,857 5.970%, due 1/1/40 63 110,000 Vodafone Group PLC, 2.950%, due 2/19/23 110 41,611 5.970%, due 1/1/40 54 2,136 116,830 6.000%, due 3/1/34 136 69,278 6.000%. Due 8/1/37 80 TOTAL CORPORATE OBLIGATIONS 28,796 82,213 6.000%, due 7/1/39 95 (Cost $27,709,270) 5,146 6.500%, due 5/1/17 5 7,445 6.500%, due 12/1/19 8 53,364 6.500%, due 9/25/28 60 13,052 6.500%, due 1/1/39 15 134,659 6.990%, due 6/19/41 154 11,758 7.000%, due 8/25/17 12 27,346 7.000%, due 11/1/29 32

33 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS BALANCED FUND JUNE 30, 2016

Par Fair Par Fair Amount Value (000's) Amount Value (000's) U.S. Agency Obligations (continued) U.S. Agency Obligations (continued) Federal National Mortgage Association (continued) Government National Mortgage Association 0.33% 17,489 7.000%, due 8/1/32 $ 21 82,877 2.140%, due 8/15/23 $ 85 34,076 7.000%, due 8/1/32 41 314,753 2.730%, due 6/15/32 337 9,234 7.000%, due 8/1/37 10 215,525 6.000%, due 7/20/32 250 56,151 7.500%, due 10/25/40 65 672 41,991 7.500%, due 7/25/41 49 70,221 7.500%, due 7/25/42 85 Government Backed Agency 0.33% 9,365 15,000 Financing Corp Fico, 0.000%, due 10/6/17 17 625,000 Financing Corp Fico, 0.000%, 11/30/17 618 Small Business Administration Participation Certificates Federal Home Loan Mortgage Corporation 0.30% 6,866 6.100%, due 7/1/18 7 175,000 0.950%, due 3/25/23 175 19,842 6.120%, due 9/1/21 21 289,974 1.123%, due 2/25/23 291 956 7.300%, due 5/1/17 1 37,505 6.253%, due 7/25/32 43 664 80,145 7.000%, due 7/25/43 98 TOTAL U.S. AGENCY OBLIGATIONS 607 (Cost $16,304,037) 16,749

Freddie Mac 2.70% 53,448 1.750%, due 3/15/25 54 U.S. Government Obligations 13.89% 52,000 2.606%, due 8/1/42 54 U.S Treasury Notes 13.89% 19,686 2.774%, due 12/1/37 21 530,000 0.000%, due 5/15/45 261 10,335 2.847%, due 11/1/37 11 255,000 0.000%, due 8/15/45 125 1,112,501 2.950%, due 11/1/44 1,155 1,005,000 0.500%, due 11/30/16 1,006 483 3.000%, due 7/15/27 1 1,220,000 0.625%, due 8/31/17 1,221 104,452 3.051%, due 4/1/44 108 310,000 0.625%, due 9/30/17 310 36,031 3.066%, due 5/1/44 38 1,310,000 0.750%, due 3/15/17 1,312 466,765 3.088%, due 8/1/44 485 690,000 0.750%, due 1/31/18 692 56,839 4.000%, due 5/1/21 59 275,000 0.875%, due 11/30/17 276 34,701 4.000%, due 12/15/24 36 685,000 0.875%, due 3/31/18 688 49,857 4.000%, due 8/1/25 53 820,000 0.875%, due 4/15/19 824 19,429 4.000%, due 7/1/26 21 3,475,000 1.375%, due 9/30/20 3,538 87,174 4.000%, due 12/1/26 93 195,000 1.375%, due 6/30/23 196 97,477 4.000%, due 5/1/27 104 290,000 1.500%, due 2/28/23 294 98,014 4.000%, due 10/1/31 106 145,000 1.625%, due 6/30/19 149 28,468 4.500%, due 6/1/25 31 115,000 1.625%, due 2/15/26 116 63,995 4.500%, due 3/1/31 70 1,230,000 1.750%, due 9/30/22 1,269 106,281 4.500%, due 3/1/31 117 1,285,000 1.875%, due 8/31/17 1,305 309,296 4.500%, due 12/1/33 340 760,000 1.875%, due 9/30/17 772 176,416 4.500%, due 7/1/40 195 780,000 2.000%, due 10/31/21 817 60,423 4.500%, due 9/1/40 66 450,000 2.125%, due 8/31/20 472 245,494 4.500%, due 12/15/43 270 780,000 2.125%, due 12/31/21 822 107,105 4.500%, due 1/1/44 117 2,680,000 2.500%, due 2/15/45 2,790 316,228 4.500%, due 4/1/44 345 1,185,000 2.500%, due 2/15/46 1,234 278,575 4.500%, due 7/1/44 304 55,000 2.625%, due 8/15/20 59 98,213 4.500%, due 2/1/45 107 1,755,000 2.625%, due 11/15/20 1,880 33,000 4.577%, due 3/15/44 36 1,580,000 2.875%, due 8/15/45 1,774 173,730 5.000%, due 11/15/34 193 1,635,000 3.000%, due 5/15/45 (A) 1,879 41,071 5.142%, due 11/1/39 43 710,000 3.000%, due 11/15/45 816 230,391 5.500%, due 9/15/33 261 1,040,000 3.500%, due 5/15/20 1,145 134,203 5.500%, due 7/15/38 152 TOTAL U.S. GOVERNMENT OBLIGATIONS 28,042 53,445 6.000%, due 12/1/23 59 (Cost $26,954,719) 13,577 6.000%, due 2/1/39 16 2,656 6.500%, due 4/1/18 3 Short-Term Investments 2.53% 16,699 6.500%, due 12/1/32 20 5,113,128 Dreyfus Government Cash Management Fund $ 5,113 24,265 6.500%, due 8/1/37 28 (Cost $5,113,128) 12,529 6.500%, due 9/1/37 14 3,396 6.500%, due 10/1/38 4 TOTAL INVESTMENTS 99.71% 201,251 11,690 7.000%, due 7/1/32 14 (Cost $177,345,936) 37,088 7.000%, due 9/1/32 45 35,419 7.000%, due 10/1/32 44 Other Assets, Liabilities Less 0.29% 588 118,507 7.000%, due 11/1/32 144 3,725 8.500%, due 12/17/18 4 TOTAL NET ASSETS 100.00% $ 201,839 5,441

(A) $1,635,000 principal amount of United States Treasury Bond pledged as margin for open futures contracts at June 30, 2016.

34 CATHOLIC UNITED INVESTMENT TRUST BALANCED FUND FUTURES CONTRACTS JUNE 30, 2016

$1,635,000 of US Treasury Bond pledged as margin for futures contracts. The Portfolio had the following open futures contracts at June 30, 2016:

OPEN FUTURES CONTRACTS:

Unrealized Number of Principal Amount Gains (Losses) Type Contracts per Contract Position Expiration June 30, 2016 5 Year U.S. Treasury Notes 14 $100,000 Long September 2016 31,028 10 Year U.S. Treasury Notes 12 $100,000 Long September 2016 43,634 U.S. Treasury Bond 19 $100,000 Short September 2016 (179,180) U.S. Treasury Notes Ultra 10 Year 1 $100,000 Short September 2016 (5,335) US Ultra Bond 20 $100,000 Short September 2016 (238,096) (347,947)

35 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND JUNE 30, 2016

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 98.63% Number of Stocks 161 Top Ten Stocks (% of Net Assets) 20.52%

Fixed Income Securities Dreyfus Government Cash Management Fund 1.64% Liabilities Less, Other Assets -0.27%

Top Ten Equity Holdings (% of Net Assets) Bank of America Corp. 3.03% JPMorgan Chase & Co. 2.94% Microsoft Corp. 2.23% Capital One Financial Corp. 2.00% Wells Fargo & Co. 1.87% Wal-Mart Stores Inc. 1.87% Symantec Corp. 1.72% Hewlett Packard Enterprise Co. 1.63% Comcast Corp. 1.62% Time Warner Inc. 1.61%

Top 5 Industries (% of Net Assets) Financial Services 26.85% Technology 16.21% Consumer Discretionary 13.39% Energy 11.51% Health Care 10.49%

36 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks 98.63% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 13.39% Financial Services 26.85% 12,950 Bed Bath & Beyond Inc. $ 560 250,529 Aegon NV $ 1,005 9,522 Big Lots Inc. 477 18,524 Aflac Inc. 1,337 19,957 Charter Communications Inc. 4,563 39,353 Allstate Corp. 2,753 40,000 Coach Inc. 1,630 87,457 Ally Financial Inc. 1,493 84,985 Comcast Corp. 5,540 58,500 American Express Co. 3,554 11,050 Cooper Tire & Rubber Co. 330 62,493 American International Group Inc. 3,305 31,000 DISH Network Corp. 1,624 4,126 Assurant Inc. 356 90,882 eBay Inc. 2,128 28,942 Assured Guaranty Ltd 734 34,739 General Motors Co. 983 13,329 Axis Capital Holdings Ltd 733 58,687 Goodyear Tire & Rubber Co. 1,506 781,137 Bank of America Corp. 10,366 21,000 Harley-Davidson Inc. 951 111,500 Bank of New York Mellon Corp 4,332 16,210 Lear Corp. 1,650 56,500 BB&T Corp. 2,012 54,000 Liberty Interactive Corp QVC Group 1,370 108,014 Capital One Financial Corp. 6,860 45,069 Michael Kors Holdings Ltd 2,230 47,383 CBL & Associates Properties Inc. 441 23,750 News Corp. 270 25,920 CBRE Group Inc. 686 478 NVR Inc. 851 215,000 Charles Schwab Corp. 5,442 1,400 Priceline Group Inc. 1,748 103,757 Citigroup Inc. 4,398 25,000 Target Corp. 1,746 6,847 Everest Re Group Ltd 1,251 75,000 Time Warner Inc. 5,516 16,672 Gaming and Leisure Properties Inc. 575 34,700 Twenty-First Century Fox Inc. 946 73,475 Genworth Financial Inc. 190 105,000 Twenty-First Century Fox Inc. Class A 2,840 27,500 Goldman Sachs Group Inc. 4,086 87,588 Wal-Mart Stores Inc. 6,396 18,553 Hartford Financial Services Group Inc. 823 45,855 85,944 Host Hotels & Resorts Inc. 1,393 162,123 JPMorgan Chase & Co. 10,074 Consumer Staples 3.41% 20,954 Lincoln National Corp. 812 57,713 Dean Foods Co. 1,044 21,452 Mack-Cali Realty Corp. 579 22,927 Dr Pepper Snapple Group Inc. 2,215 77,300 MetLife Inc. 3,079 23,495 Herbalife Ltd 1,375 14,764 Prudential Financial Inc. 1,053 8,701 Ingredion Inc. 1,126 2,114 Public Storage 540 3,579 Nu Skin Enterprises Inc. 165 75,119 Regions Financial Corp. 639 2,298 PepsiCo Inc. 147 3,524 Reinsurance Group of America Inc. 342 13,333 Sanderson Farms Inc. 1,155 16,132 RLJ Lodging Trust 346 38,672 Sysco Corp. 1,962 53,850 SunTrust Banks Inc. 2,212 37,073 Tyson Foods Inc. 2,476 20,622 T Rowe Price Group Inc. 1,505 11,665 9,047 Taubman Centers Inc. 671 24,651 Travelers Cos Inc. 2,934 Energy 11.51% 25,365 Unum Group 806 16,825 Anadarko Petroleum Corp. 896 74,277 Voya Financial Inc. 1,839 67,000 Apache Corp. 3,730 135,306 Wells Fargo & Co. 6,404 69,700 Baker Hughes Inc. 3,146 91,960 19,203 Chevron Corp. 2,013 13,000 Concho Resources Inc. 1,551 Health Care 10.49% 12,715 Dril-Quip Inc. 743 14,674 Amgen Inc. 2,233 188,960 Ensco PLC 1,835 31,976 Anthem Inc. 4,200 56,982 Exxon Mobil Corp. 5,341 8,538 Biogen Inc. 2,065 38,015 FMC Technologies Inc. 1,014 26,935 Cardinal Health Inc. 2,101 14,403 Marathon Petroleum Corp. 547 30,400 Cigna Corp. 3,891 57,466 Nabors Industries Ltd 578 14,678 DaVita HealthCare Partners Inc. 1,135 74,565 National Oilwell Varco Inc. 2,509 49,000 Express Scripts Holding Co. 3,714 58,314 Noble Corp. plc 481 25,180 Gilead Sciences Inc. 2,101 59,044 Oceaneering International Inc. 1,763 10,222 ICON PLC. 716 38,726 Oil States International Inc. 1,273 13,610 Ligand Pharmaceuticals Inc. 1,623 99,645 Rowan Cos Plc 1,760 3,455 McKesson Corp. 645 66,000 Schlumberger Ltd 5,219 24,000 Medtronic PLC 2,082 28,509 Tesoro Corp. 2,136 18,868 Myriad Genetics Inc. 577 46,226 Valero Energy Corp. 2,358 26,056 Quest Diagnostics Inc. 2,121 96,700 Weatherford International PLC 537 20,931 United Therapeutics Corp. 2,217 39,430 32,000 UnitedHealth Group Inc. 4,518 35,939

37 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS VALUE EQUITY FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Materials & Processing 2.40% Utilities 6.93% 26,400 Celanese Corp. $ 1,728 138,852 AES Corp/VA $ 1,733 10,758 Domtar Corp. 377 41,119 American Electric Power Co. Inc. 2,882 27,405 International Paper Co. 1,161 93,047 AT&T Inc. 4,021 25,710 LyondellBasell Industries NV 1,913 33,952 Edison International 2,637 33,375 Owens Corning 1,719 31,684 Entergy Corp. 2,577 15,235 Reliance Steel & Aluminum Co. 1,172 7,334 Exelon Corp. 267 6,672 Steel Dynamics Inc. 163 5,770 FirstEnergy Corp. 201 8,233 25,562 NRG Energy Inc. 383 23,149 PG&E Corp. 2,452 Producer Durables 7.44% 36,853 Public Service Enterprise Group Inc. 1,718 28,857 Alaska Air Group Inc. 1,682 325,714 Sprint Corp. 1,475 38,310 American Airlines Group Inc. 1,085 60,161 Verizon Communications Inc. 3,358 4,245 Avery Dennison Corp. 317 23,704 18,000 Danaher Corp. 1,818 50,040 Delta Air Lines Inc. 1,823 35,016 FedEx Corp. 5,315 TOTAL COMMON STOCKS 337,786 35,084 Hawaiian Holdings Inc. 1,332 (Cost $296,145,142) 70,016 Quanta Services Inc. 1,619 11,404 Robert Half International Inc. 435 50,488 Southwest Airlines Co. 1,980 Short-Term Investments 1.64% 30,447 Spirit AeroSystems Holdings Inc. 1,309 5,596,405 Dreyfus Government Cash Management Fund 5,596 50,465 Tyco International Plc 2,150 (Cost $5,596,405) 30,500 Union Pacific Corp. 2,661 47,600 United Continental Holdings Inc. 1,954 TOTAL INVESTMENTS 100.27% 343,382 25,480 (Cost $301,741,547)

Technology 16.21% 400 Alphabet Inc. Class A 281 Liabilities Less, Other Assets -0.27% (910) 5,618 Alphabet Inc. Class C 3,888 15,927 Aspen Technology Inc. 641 TOTAL NET ASSETS 100.00% $ 342,472 25,741 CA Inc. 845 9,360 Cadence Design Systems Inc. 227 140,000 Cisco Systems Inc. 4,017 15,999 Citrix Systems Inc. 1,281 180,000 EMC Corp/MA 4,891 305,000 Hewlett Packard Enterprise Co. 5,572 278,577 HP Inc. 3,496 120,576 Intel Corp. 3,955 2,600 Juniper Networks Inc. 58 49,500 Maxim Integrated Products Inc. 1,767 149,224 Microsoft Corp. 7,636 79,000 NetApp Inc. 1,943 287,004 Symantec Corp. 5,895 35,000 Synopsys Inc. 1,893 42,388 Take-Two Interactive Software Inc. 1,607 36,500 TE Connectivity Ltd 2,085 24,095 VeriSign Inc. 2,083 25,500 VMware Inc. 1,459 55,520

38 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND JUNE 30, 2016

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 99.68% Number of Stocks 471 Top Ten Stocks (% of Net Assets) 18.52%

Fixed Income Securities Dreyfus Government Cash Management Fund 0.40% Liabilities Less, Other Assets -0.08%

Top Ten Equity Holdings (% of Net Assets) Apple Inc. 2.90% Exxon Mobil Corp. 2.22% Microsoft Corp. 2.22% Facebook Inc. 1.82% Berkshire Hathaway Inc. 1.62% Wells Fargo & Co. 1.61% AT&T Inc. 1.61% Amazon.com Inc. 1.61% Procter & Gamble Co. 1.52% 3M Co. 1.38%

Top 5 Industries (% of Net Assets) Financial Services 19.07% Technology 16.62% Consumer Discretionary 14.41% Health Care 11.58% Producer Durables 9.52%

39 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks 99.68% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 14.41% Consumer Discretionary (continued) 5,889 Advance Auto Parts Inc. $ 952 3,985 Priceline Group Inc. $ 4,975 32,964 Amazon.com Inc. 23,590 25,494 PulteGroup Inc. 497 5,900 AutoNation Inc. 277 6,587 PVH Corp. 621 2,426 AutoZone Inc. 1,926 4,627 Ralph Lauren Corp. 415 13,140 Bed Bath & Beyond Inc. 568 32,506 Ross Stores Inc. 1,843 22,650 Best Buy Co Inc. 693 13,600 Royal Caribbean Cruises Ltd 913 17,600 BorgWarner Inc. 520 16,830 Safeway PDC LLC 1 15,800 CarMax Inc. 775 16,830 Safeway SCRP 17 36,200 Carnival Corp. 1,600 7,650 Scripps Networks Interactive Inc. 476 33,867 CBS Corp. 1,844 6,353 Signet Jewelers Ltd 524 2,413 Chipotle Mexican Grill Inc. 972 51,890 Staples Inc. 447 22,300 Coach Inc. 909 118,480 Starbucks Corp. 6,768 231,184 Comcast Corp. 15,071 13,600 Starwood Hotels & Resorts Worldwide Inc. 1,006 43,451 Costco Wholesale Corp. 6,824 48,410 Target Corp. 3,380 9,290 Darden Restaurants Inc. 588 17,600 TEGNA Inc. 408 22,300 Delphi Automotive PLC 1,396 8,980 Tiffany & Co. 545 12,100 Discovery Communications Inc. Class A 305 63,423 Time Warner Inc. 4,664 19,800 Discovery Communications Inc. Class K 472 53,740 TJX Cos Inc. 4,150 23,400 Dollar General Corp. 2,200 10,700 Tractor Supply Co. 976 18,838 Dollar Tree Inc. 1,775 9,150 TripAdvisor Inc. 588 26,470 DR Horton Inc. 833 89,900 Twenty-First Century Fox Inc. 2,432 87,129 eBay Inc. 2,040 34,600 Twenty-First Century Fox Inc. Class A 943 19,880 Estee Lauder Cos Inc. 1, 809 5,116 Ulta Salon Cosmetics & Fragrance Inc. 1,246 9,517 Expedia Inc. 1,012 14,591 Under Armour Inc. Class A 586 11,000 Foot Locker Inc. 603 14,693 Under Armour Inc. Class C 535 313,131 Ford Motor Co. 3,936 7,700 Urban Outfitters Inc. 212 19,405 Gap Inc. 412 27,288 VF Corp. 1,678 9,400 Garmin Ltd 399 27,838 Viacom Inc. 1,154 112,900 General Motors Co. 3,195 148,638 Wal-Mart Stores Inc. 10,854 11,974 Genuine Parts Co. 1,212 127,290 Walt Disney Co. 12,452 21,400 Goodyear Tire & Rubber Co. 549 6,203 Whirlpool Corp. 1,034 20,100 H&R Block Inc. 462 9,006 Wyndham Worldwide Corp. 641 31,500 Hanesbrands Inc. 792 6,532 Wynn Resorts Ltd 592 15,595 Harley-Davidson Inc. 706 32,780 Yum! Brands Inc. 2,718 5,716 Harman International Industries Inc. 411 211,322 8,975 Hasbro Inc. 754 108,665 Home Depot Inc. 13,875 Consumer Staples 8.88% 6,415 International Flavors & Fragrances Inc. 809 47,771 Archer-Daniels-Midland Co. 2,049 52,020 Johnson Controls Inc. 2,302 9,274 Brown-Forman Corp. 925 15,200 Kohl's Corp. 576 38,520 Campbell Soup Co. 2,563 20,450 L Brands Inc. 1,373 13,842 Clorox Co. 1,916 10,890 Leggett & Platt Inc. 557 422,810 Coca-Cola Co. 19,166 14,500 Lennar Corp. 668 94,542 Colgate-Palmolive Co. 6,920 24,600 LKQ Corp. 780 55,799 ConAgra Foods Inc. 2,668 73,519 Lowe's Cos Inc. 5,820 26,423 Constellation Brands Inc. 4,370 24,960 Macy's Inc. 839 101,515 CVS Health Corp. 9,719 15,301 Marriott International Inc./MD 1,017 23,000 Dr Pepper Snapple Group Inc. 2,222 27,315 Mattel Inc. 855 77,640 General Mills Inc. 5,537 87,650 McDonald's Corp. 10,548 15,853 Hershey Co. 1,799 14,500 Michael Kors Holdings Ltd 717 47,700 Hormel Foods Corp. 1,746 5,108 Mohawk Industries Inc. 969 13,137 JM Smucker Co. 2,002 34,359 Netflix Inc. 3,143 39,910 Kellogg Co. 3,259 36,683 Newell Brands Inc. 1,782 39,304 Kimberly-Clark Corp. 5,404 30,550 News Corp Class A 347 57,000 Kraft Heinz Co. 5,043 8,700 News Corp Class B 102 78,260 Kroger Co. 2,879 29,100 Nielsen Holdings PLC 1,512 14,522 McCormick & Co. Inc./MD 1,549 108,366 NIKE Inc. 5,982 14,978 Mead Johnson Nutrition Co. 1,359 10,270 Nordstrom Inc. 391 20,800 Molson Coors Brewing Co. 2,104 19,260 Omnicom Group Inc. 1,569 149,600 Mondelez International Inc. 6,808 7,806 O'Reilly Automotive Inc. 2,116

40 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Consumer Staples (continued) Financial Services (continued) 12,333 Monster Beverage Corp. $ 1,982 34,907 American Tower Corp. $ 3,966 24,900 People's United Financial Inc. 365 13,571 Ameriprise Financial Inc. 1,219 263,161 Procter & Gamble Co. 22,282 21,691 Aon PLC 2,369 70,620 Sysco Corp. 3,583 12,537 Apartment Investment & Management Co. 554 45,100 Tyson Foods Inc. 3,012 14,200 Arthur J Gallagher & Co. 676 73,510 Walgreens Boots Alliance Inc. 6,121 5,200 Assurant Inc. 449 27,062 Whole Foods Market Inc. 867 11,003 AvalonBay Communities Inc. 1,985 130,219 829,265 Bank of America Corp. 11,004 86,383 Bank of New York Mellon Corp. 3,356 Energy 7.47% 65,180 BB&T Corp. 2,321 40,851 Anadarko Petroleum Corp. 2,175 164,365 Berkshire Hathaway Inc. 23,798 30,351 Apache Corp. 1,690 10,139 BlackRock Inc. 3,473 35,186 Baker Hughes Inc. 1,588 12,336 Boston Properties Inc. 1,627 36,800 Cabot Oil & Gas Corp. 947 42,329 Capital One Financial Corp. 2,688 41,560 Chesapeake Energy Corp. 178 23,400 CBRE Group Inc. 620 151,244 Chevron Corp. 15,855 96,530 Charles Schwab Corp. 2,443 7,615 Cimarex Energy Co. 909 55,793 Chubb Ltd 7,293 32,084 Columbia Pipeline Group Inc. 818 11,917 Cincinnati Financial Corp. 892 10,372 Concho Resources Inc. 1,237 236,727 Citigroup Inc. 10,035 99,280 ConocoPhillips 4,329 42,400 Citizens Financial Group Inc. 847 40,960 Devon Energy Corp. 1,485 27,165 CME Group Inc./IL 2,646 5,400 Diamond Offshore Drilling Inc. 131 14,090 Comerica Inc. 580 44,162 EOG Resources Inc. 3,684 26,800 Crown Castle International Corp. 2,718 13,715 EQT Corp. 1,062 11,800 Digital Realty Trust Inc. 1,286 347,949 Exxon Mobil Corp. 32,617 33,245 Discover Financial Services 1,782 6,106 First Solar Inc. 296 2,905 Dun & Bradstreet Corp. 354 18,200 FMC Technologies Inc. 485 22,660 E*TRADE Financial Corp. 532 68,900 Halliburton Co. 3,120 9,534 Equifax Inc. 1,224 8,635 Helmerich & Payne Inc. 580 9,796 Equinix Inc. 3,798 21,275 Hess Corp. 1,279 29,300 Equity Residential 2,018 146,924 Kinder Morgan Inc./DE 2,750 5,254 Essex Property Trust Inc. 1,198 67,728 Marathon Oil Corp. 1,017 10,000 Extra Space Storage Inc. 925 42,484 Marathon Petroleum Corp. 1,613 5,596 Federal Realty Investment Trust 926 12,950 Murphy Oil Corp. 411 22,200 Fidelity National Information Services Inc. 1,636 30,138 National Oilwell Varco Inc. 1,014 62,931 Fifth Third Bancorp 1,107 15,900 Newfield Exploration Co. 702 17,905 Fiserv Inc. 1,947 34,486 Noble Energy Inc. 1,237 29,995 Franklin Resources Inc. 1,001 61,372 Occidental Petroleum Corp. 4,637 46,800 General Growth Properties Inc. 1,396 16,900 ONEOK Inc. 802 12,400 Global Payments Inc. 885 37,690 Phillips 66 2,990 31,546 Goldman Sachs Group Inc. 4,687 13,113 Pioneer Natural Resources Co. 1, 983 31,820 Hartford Financial Services Group Inc. 1,412 13,600 Range Resources Corp. 587 37,350 HCP Inc. 1,321 111,718 Schlumberger Ltd 8,835 60,374 Host Hotels & Resorts Inc. 979 31,300 Southwestern Energy Co. 394 63,876 Huntington Bancshares Inc./OH 571 53,897 Spectra Energy Corp. 1,974 9,548 Intercontinental Exchange Inc. 2,444 9,600 Tesoro Corp. 719 33,400 Invesco Ltd 853 27,500 Transocean Ltd 327 19,385 Iron Mountain Inc. 772 37,800 Valero Energy Corp. 1,928 322,744 JPMorgan Chase & Co. 20,055 54,818 Williams Cos Inc. 1,186 67,090 KeyCorp. 741 109,571 33,200 Kimco Realty Corp. 1,042 8,700 Legg Mason Inc. 257 Financial Services 19.07% 26,800 Leucadia National Corp. 464 4,336 Affiliated Managers Group Inc. 610 19,395 Lincoln National Corp. 752 33,700 Aflac Inc. 2,432 21,500 Loews Corp. 883 4,760 Alliance Data Systems Corp. 933 12,778 M&T Bank Corp. 1,511 30,402 Allstate Corp. 2,127 10,300 Macerich Co. 880 65,776 American Express Co. 3,997 59,130 Marsh & McLennan Cos. Inc. 4,048 92,201 American International Group Inc. 4,877 78,773 MasterCard Inc. 6,937 88,097 MetLife Inc. 3,509 13,588 Moody's Corp. 1,273 122,651 Morgan Stanley 3,186

41 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Health Care (continued) 9,200 Nasdaq Inc. $ 595 19,800 Hologic Inc. $ 685 29,824 Navient Corp. 356 12,633 Humana Inc. 2,272 17,300 Northern Trust Corp. 1,146 23,517 Illumina Inc. 3,301 25,775 Paychex Inc. 1,534 5,630 Intuitive Surgical Inc. 3,724 19,491 Pentair PLC 1,136 9,072 Laboratory Corp of America Holdings 1,182 40,232 PNC Financial Services Group Inc. 3,274 23,943 Mallinckrodt PLC 1,455 21,760 Principal Financial Group Inc. 895 19,493 McKesson Corp. 3,638 46,810 Progressive Corp. 1,568 154,659 Medtronic PLC 13,420 42,127 Prologis Inc. 2,066 17,309 Parker-Hannifin Corp. 1,870 35,860 Prudential Financial Inc. 2,558 11,426 Quest Diagnostics Inc. 930 23,240 Public Storage 5,940 14,897 Regeneron Pharmaceuticals Inc. 5,202 20,100 Realty Income Corp. 1,394 22,836 St Jude Medical Inc. 1,781 103,432 Regions Financial Corp. 880 52,379 Stryker Corp. 6,277 21,307 S&P Global Inc. 2,285 114,539 UnitedHealth Group Inc. 16,173 31,819 Simon Property Group Inc. 6,902 7,700 Varian Medical Systems Inc. 633 8,036 SL Green Realty Corp. 856 36,124 Vertex Pharmaceuticals Inc. 3,107 32,170 State Street Corp. 1,735 21,290 Zimmer Biomet Holdings Inc. 2,563 40,540 SunTrust Banks Inc. 1,665 133,200 Zoetis Inc. 6,322 67,000 Synchrony Financial 1,694 169,816 19,900 T Rowe Price Group Inc. 1,452 9,580 Torchmark Corp. 592 13,523 Total System Services Inc. 718 Materials & Processing 4.07% 23,691 Travelers Cos Inc. 2,820 5,541 Acuity Brands Inc. 1,374 21,500 UDR Inc. 794 18,039 Air Products & Chemicals Inc. 2,562 19,198 Unum Group 610 105,616 Alcoa Inc. 979 131,129 US Bancorp 5,288 11,386 Ball Corp. 823 27,000 Ventas Inc. 1,966 18,765 CF Industries Holdings Inc. 452 154,180 Visa Inc. 11,436 89,766 Dow Chemical Co. 4,462 14,217 Vornado Realty Trust 1,423 11,842 Eastman Chemical Co. 804 500,218 Wells Fargo & Co. 23,675 26,506 Ecolab Inc. 3,144 28,500 Welltower Inc. 2,171 70,004 EI du Pont de Nemours & Co. 4,536 40,312 Western Union Co. 773 55,200 Fastenal Co. 2,450 60,050 Weyerhaeuser Co. 1,788 10,700 FMC Corp. 496 11,097 Willis Towers Watson PLC 1,379 100,558 Freeport-McMoRan Inc. 1,120 23,450 XL Group PLC 781 28,500 Ingersoll-Rand PLC 1,815 16,400 Zions Bancorporation 412 70,999 International Business Machines Corp. 10,776 279,684 32,309 Interpublic Group of Cos. Inc. 746 27,775 LyondellBasell Industries NV 2,067 Health Care 11.58% 5,167 Martin Marietta Materials Inc. 992 136,962 Abbott Laboratories 5,384 72,490 Masco Corp. 2,243 34,375 Aetna Inc. 4,198 36,956 Monsanto Co. 3,822 42,581 Alexion Pharmaceuticals Inc. 4,972 28,300 Mosaic Co. 741 15,630 AmerisourceBergen Corp. 1,240 42,473 Newmont Mining Corp. 1,662 102,054 Amgen Inc. 15,528 25,570 Nucor Corp. 1,263 23,696 Anthem Inc. 3,112 12,900 Owens-Illinois Inc. 232 35,387 Biogen Inc. 8,557 21,425 PPG Industries Inc. 2,231 174,803 Boston Scientific Corp. 4,085 24,070 Praxair Inc. 2,705 32,975 Cardinal Health Inc. 2,572 15,700 Sealed Air Corp. 722 109,784 Celgene Corp. 10,828 7,088 Sherwin-Williams Co. 2,082 13,600 Centene Corp. 971 12,864 Vulcan Materials Co. 1,548 24,300 Cerner Corp. 1,424 20,403 WestRock Co. 793 22,106 Cigna Corp. 2,829 59,642 13,302 CR Bard Inc. 3,128 16,354 DaVita HealthCare Partners Inc. 1,264 27,700 DENTSPLY SIRONA Inc. 1,719 31,229 Edwards Lifesciences Corp. 3,114 59,814 Express Scripts Holding Co. 4,534 165,986 Gilead Sciences Inc. 13,847 11,170 Henry Schein Inc. 1,975

42 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Producer Durables 9.52% Technology 16.62% 115,428 3M Co. $ 20,214 40,700 Activision Blizzard Inc. $ 1,613 50,430 Accenture PLC 5,713 39,990 Adobe Systems Inc. 3,831 10,000 Alaska Air Group Inc. 583 14,200 Akamai Technologies Inc. 794 15,133 Allegion PLC 1,051 23,812 Alphabet Inc. Class A 16,752 48,400 American Airlines Group Inc. 1,370 26,517 Alphabet Inc. Class C 18,352 20,900 AMETEK Inc. 966 24,700 Amphenol Corp. 1,416 36,778 Automatic Data Processing Inc. 3,379 24,890 Analog Devices Inc. 1,410 7,134 Avery Dennison Corp. 533 444,296 Apple Inc. 42,475 56,905 Caterpillar Inc. 4,314 90,820 Applied Materials Inc. 2,177 11,500 CH Robinson Worldwide Inc. 854 18,070 Autodesk Inc. 978 7,000 Cintas Corp. 687 29,781 Broadcom Ltd 4,628 77,350 CSX Corp. 2,017 23,735 CA Inc. 779 14,803 Cummins Inc. 1,664 404,141 Cisco Systems Inc. 11,595 115,600 Danaher Corp. 11,676 12,400 Citrix Systems Inc. 993 43,220 Deere & Co. 3,503 48,900 Cognizant Technology Solutions Corp. 2,799 62,500 Delta Air Lines Inc. 2,277 10,900 CSRA Inc. 255 15,300 Dover Corp. 1,061 24,827 Electronic Arts Inc. 1,881 44,800 Eaton Corp. PLC 2,676 156,384 EMC Corp/MA 4,249 84,110 Emerson Electric Co. 4,387 5,522 F5 Networks Inc. 629 14,600 Expeditors International of Washington Inc. 716 234,101 Facebook Inc. 26,753 20,586 FedEx Corp. 3,125 137,910 Hewlett Packard Enterprise Co. 2,520 11,000 FLIR Systems Inc. 340 138,710 HP Inc. 1,741 10,450 Flowserve Corp. 472 379,379 Intel Corp. 12,444 69,185 Illinois Tool Works Inc. 7,206 33,043 International Paper Co. 1,400 7,200 JB Hunt Transport Services Inc. 583 20,626 Intuit Inc. 2,302 8,681 Kansas City Southern 782 28,300 Juniper Networks Inc. 636 23,973 Norfolk Southern Corp. 2,041 12,500 KLA-Tencor Corp. 916 40,400 PACCAR Inc. 2,096 12,761 Lam Research Corp. 1,073 6,663 Patterson Cos Inc 319 19,200 Linear Technology Corp. 893 89,329 PayPal Holdings Inc. 3,261 17,100 Microchip Technology Inc. 868 39,600 PG&E Corp. 2,531 83,330 Micron Technology Inc. 1, 147 15,340 Pitney Bowes Inc. 273 635,250 Microsoft Corp. 32,506 12,300 Quanta Services Inc. 284 12,730 Motorola Solutions Inc. 840 19,745 Republic Services Inc. 1,013 23,200 NetApp Inc. 570 10,500 Robert Half International Inc. 401 45,870 NVIDIA Corp. 2,156 16,707 Rockwell Automation Inc. 1,918 253,016 Oracle Corp. 10,356 17,900 Rockwell Collins Inc. 1,524 10,900 Qorvo Inc. 602 14,604 Roper Technologies Inc. 2,491 120,030 QUALCOMM Inc. 6,430 4,300 Ryder System Inc. 263 14,700 Red Hat Inc. 1,067 8,138 Snap-on Inc. 1,284 50,632 salesforce.com Inc. 4,021 51,225 Southwest Airlines Co. 2,009 23,800 Seagate Technology PLC 580 26,812 Stanley Black & Decker Inc. 2,982 15,400 Skyworks Solutions Inc. 975 6,807 Stericycle Inc. 709 49,033 Symantec Corp. 1,007 8,797 TransDigm Group Inc. 2,320 29,700 TE Connectivity Ltd 1,696 34,200 Tyco International Plc 1,457 10,700 Teradata Corp. 268 67,997 Union Pacific Corp. 5,933 80,700 Texas Instruments Inc. 5,056 28,500 United Continental Holdings Inc. 1, 170 8,000 VeriSign Inc. 692 57,861 United Parcel Service Inc. 6,233 22,547 Western Digital Corp. 1,066 7,349 United Rentals Inc. 493 20,540 Xilinx Inc. 948 12,400 Verisk Analytics Inc. 1,005 70,000 Yahoo! Inc. 2,629 43,720 Waste Management Inc. 2,897 243,764 43,136 Waters Corp. 6,067 9,719 WW Grainger Inc. 2,209 Utilities 8.06% 76,461 Xerox Corp. 726 53,000 AES Corp/VA 661 34,700 Xylem Inc. 1,549 9,631 AGL Resources Inc. 635 139,607 19,500 Ameren Corp. 1,045 39,460 American Electric Power Co. Inc. 2,766 22,600 American Water Works Co. Inc. 1,910 546,075 AT&T Inc. 23,596 34,522 CenterPoint Energy Inc. 829

43 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS CORE EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Value (000's) Utilities (continued) Short-Term Investments 0.40% 43,729 CenturyLink Inc. $ 1,269 5,897,036 Dreyfus Government Cash Management Fund $ 5,897 22,300 CMS Energy Corp. 1,023 (Cost $5,897,036) 23,600 Consolidated Edison Inc. 1,898 47,894 Dominion Resources Inc. 3,732 TOTAL INVESTMENTS 100.08% 1,467,568 14,400 DTE Energy Co. 1,427 (Cost $1,154,506,887) 59,969 Duke Energy Corp. 5,145 26,207 Edison International 2,035 Liabilities Less, Other Assets -0.08% (1,200) 14,300 Entergy Corp. 1,163 25,500 Eversource Energy 1,527 73,911 Exelon Corp. 2,687 TOTAL NET ASSETS 100.00% $ 1,466,368 34,056 FirstEnergy Corp. 1,189 93,820 Frontier Communications Corp. 463 23,200 Level 3 Communications Inc. 1,195 50,640 NextEra Energy Inc. 6,603 25,684 NiSource Inc. 681 25,300 NRG Energy Inc. 379 167,327 PepsiCo Inc. 17,727 8,900 Pinnacle West Capital Corp. 721 54,137 PPL Corp. 2,044 40,700 Public Service Enterprise Group Inc. 1,897 11,500 SCANA Corp. 870 18,938 Sempra Energy 2,159 95,469 Southern Co. 5,120 18,900 TECO Energy Inc. 525 348,839 Verizon Communications Inc. 19,479 25,373 WEC Energy Group Inc. 1,657 44,405 Xcel Energy Inc. 1,989 118,046

TOTAL COMMON STOCKS 1,461,671 (Cost $1,148,609,851)

44 CATHOLIC UNITED INVESTMENT TRUST CORE EQUITY INDEX FUND FUTURES CONTRACTS JUNE 30, 2016

$193,200 of cash pledged as margin for futures contracts. The Portfolio had the following open futures contracts at June 30, 2016:

OPEN FUTURES CONTRACTS:

Unrealized Number of Principal Gains (Losses) Type Contracts Amount Position Expiration June 30, 2016 S&P 500 46 $100,000 Long September 2016 (118,010)

45 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND JUNE 30, 2016

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 100.20% Number of Stocks 268 Top Ten Stocks (% of Net Assets) 23.31%

Fixed Income Securities Dreyfus Government Cash Management Fund 0.23% Liabilities Less, Other Assets -0.43%

Top Ten Equity Holdings (% of Net Assets) Apple Inc. 3.18% Verizon Communications Inc. 2.75% Alphabet Inc. Class C 2.73% PepsiCo Inc. 2.55% Amazon.com Inc. 2.30% Microsoft Corp. 2.14% Home Depot Inc. 2.11% Facebook Inc. 1.94% Comcast Corp. 1.81% Amgen Inc. 1.81%

Top 5 Industries (% of Net Assets) Technology 22.31% Consumer Discretionary 21.36% Health Care 12.69% Financial Services 12.38% Consumer Staples 11.04%

46 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks 100.20% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 21.36% Consumer Staples 11.04% 9,423 Amazon.com Inc. $ 6,743 1,284 Anheuser-Busch InBev SA/NV $ 169 25,990 Aramark 869 5,850 Campbell Soup Co. 389 1,360 AutoZone Inc. 1,080 13,987 Clorox Co. 1,936 3,990 Bed Bath & Beyond Inc. 172 80,745 Coca-Cola Co. 3,660 1,370 CBS Corp. 75 48,284 Colgate-Palmolive Co. 3,534 1,666 Charter Communications Inc. 381 10,095 ConAgra Foods Inc. 483 4,370 Choice Hotels International Inc. 208 34,013 CVS Health Corp. 3,256 13,530 Coach Inc. 551 8,425 Dr Pepper Snapple Group Inc. 814 81,707 Comcast Corp. 5,326 18,664 General Mills Inc. 1,331 13,810 Costco Wholesale Corp. 2,169 20,703 Hershey Co. 2,350 2,567 Darden Restaurants Inc. 163 26,172 Kellogg Co. 2,137 30,689 Discovery Communications Inc. 774 13,744 Kimberly-Clark Corp. 1,890 8,428 Dollar General Corp. 792 13,250 Kroger Co. 487 17,035 Dunkin' Brands Group Inc. 743 2,040 McCormick & Co. Inc/MD 218 33,012 eBay Inc. 773 21,772 Mondelez International Inc. 991 14,714 Estee Lauder Cos. Inc. 1,339 3,457 Monster Beverage Corp. 556 52,430 Gentex Corp. 810 70,685 PepsiCo Inc. 7,488 3,290 Genuine Parts Co. 333 84,590 Rite Aid Corp. 634 11,790 Hertz Global Holdings Inc. 131 2,810 Whole Foods Market Inc. 90 48,431 Home Depot Inc. 6,184 32,413 4,990 KAR Auction Services Inc. 208 1,404 L Brands Inc. 94 Energy 1.50% 22,168 Lamar Advertising Co. 1,470 2,436 Apache Corp. 136 23,892 Las Vegas Sands Corp. 1,039 34,850 BP PLC 1,238 5,860 Leggett & Platt Inc. 300 5,160 Cabot Oil & Gas Corp. 133 602 Liberty Interactive Corp. QVC Group 15 9,502 Chevron Corp. 996 36,494 Lowe's Cos Inc. 2,889 1,245 EOG Resources Inc. 104 2,079 Madison Square Garden Co. 359 13,284 First Solar Inc. 644 33,570 Mattel Inc. 1,050 18,850 FMC Technologies Inc. 503 34,823 McDonald's Corp. 4,191 19,736 HollyFrontier Corp. 469 21,211 Michael Kors Holdings Ltd 1,050 1,750 Memorial Resource Development Corp. 28 1,090 Mohawk Industries Inc. 207 4,709 Oceaneering International Inc. 141 6,237 MSG Networks Inc. 96 4,392 2,566 Newell Brands Inc. 125 23,234 Nielsen Holdings PLC 1,207 Financial Services 12.38% 630 NVR Inc. 1,122 3,004 Alliance Data Systems Corp. 589 26,593 Omnicom Group Inc. 2,167 15,151 Allied World Assurance Co. Holdings AG 532 5,724 O'Reilly Automotive Inc. 1,552 12,820 American International Group Inc. 678 5,437 Polaris Industries Inc. 445 12,344 Aon PLC 1,348 1,273 Priceline Group Inc. 1,589 20,961 Arthur J Gallagher & Co. 998 8,740 Ralph Lauren Corp. 783 30,857 Bank of America Corp. 409 16,193 Ross Stores Inc. 918 24,392 CBOE Holdings Inc. 1,625 23,185 Scripps Networks Interactive Inc. 1,444 2,176 CBRE Group Inc. 58 16,460 Service Corp. International/US 445 8,890 Crown Castle International Corp. 902 12,100 ServiceMaster Global Holdings Inc. 482 2,150 Dun & Bradstreet Corp. 262 4,290 Six Flags Entertainment Corp. 249 420 Equifax Inc. 54 1,848 Starbucks Corp. 106 12,000 Equity LifeStyle Properties Inc. 961 19,730 Starz 590 15,592 Erie Indemnity Co. 1,549 1,386 Target Corp. 97 17,830 Experian PLC 339 880 Tempur Sealy International Inc. 49 3,877 FactSet Research Systems Inc. 626 31,577 TJX Cos Inc. 2,439 1,580 Federal Realty Investment Trust 262 660 Tupperware Brands Corp. 37 4,650 Fidelity National Information Services Inc. 343 13,752 Viacom Inc. 570 18,947 Fiserv Inc. 2,060 18,615 Wal-Mart Stores Inc. 1,359 1,470 FleetCor Technologies Inc. 210 4,960 Walt Disney Co. 485 3,270 Gaming and Leisure Properties Inc. 113 16,133 Wyndham Worldwide Corp. 1,149 10,769 Global Payments Inc. 769 8,737 Yum! Brands Inc. 724 1,557 Hanover Insurance Group Inc. 132 62,717 6,181 Intercontinental Exchange Inc. 1,582 23,499 Jack Henry & Associates Inc. 2,051 10,637 JPMorgan Chase & Co. 661 511 Legg Mason Inc 15 8,820 Marsh & McLennan Cos Inc. 604 35,513 MasterCard Inc. 3,127

47 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Materials & Processing 4.98% 100 MSCI Inc. $ 8 560 AptarGroup Inc. $ 44 49,223 PayPal Holdings Inc. 1,797 4,062 Ashland Inc. 466 13,770 Post Properties Inc. 841 5,180 Bemis Co Inc. 267 7,953 Public Storage 2,033 100 Celanese Corp. 7 4,990 Regency Centers Corp. 418 4,251 Compass Minerals International Inc. 315 1,308 S&P Global Inc. 140 2,108 Crown Holdings Inc. 107 2,400 Simon Property Group Inc. 521 630 Eagle Materials Inc. 49 2,120 Sovran Self Storage Inc. 222 3,070 Eastman Chemical Co. 208 7,710 Tanger Factory Outlet Centers Inc. 310 1,970 FMC Corp. 91 920 Validus Holdings Ltd 45 9,934 GCP Applied Technologies Inc. 259 45,330 Vantiv Inc. 2,566 4,600 Ingersoll-Rand PLC 293 44,486 Visa Inc. 3,300 23,356 International Business Machines Corp. 3,545 27,300 Waddell & Reed Financial Inc. 470 450 Lennox International Inc. 64 43,325 Western Union Co. 831 8,700 LyondellBasell Industries NV 647 36,361 5,458 Masco Corp. 169 15,240 Monsanto Co. 1,576 Health Care 12.69% 20,268 PPG Industries Inc. 2,111 1,470 Acadia Healthcare Co. Inc. 81 8,790 Praxair Inc. 988 15,696 Aetna Inc. 1,917 9,637 Sealed Air Corp. 443 574 Akorn Inc. 16 7,629 Sherwin-Williams Co. 2,240 10,410 AmerisourceBergen Corp. 826 9,934 WR Grace & Co. 720 34,914 Amgen Inc. 5,312 14,609 7,032 Anthem Inc. 924 19,200 Bruker Corp. 437 Producer Durables 10.42% 35,345 Cardinal Health Inc. 2,757 12,767 3M Co. 2,236 10,500 Celgene Corp. 1,036 8,146 Accenture PLC 923 1,100 Cerner Corp. 64 2,700 Allegion PLC 187 3,050 Charles River Laboratories International Inc. 251 10,110 AO Smith Corp. 891 8,010 Cigna Corp. 1,025 9,252 Automatic Data Processing Inc. 850 18,912 CR Bard Inc. 4,447 4,360 Avery Dennison Corp. 326 510 DaVita HealthCare Partners Inc. 39 20,470 Booz Allen Hamilton Holding Corp. 607 3,190 DENTSPLY SIRONA Inc. 198 17,750 Caterpillar Inc. 1,346 25,945 Express Scripts Holding Co. 1,967 19,891 CH Robinson Worldwide Inc. 1,477 28,253 Gilead Sciences Inc. 2,357 5,970 Cintas Corp. 586 19,945 Hologic Inc. 690 11,425 Cummins Inc. 1,285 1,963 Intuitive Surgical Inc. 1,298 22,913 Danaher Corp. 2,314 29,770 Ionis Pharmaceuticals Inc. 693 100 Deere & Co. 8 480 Laboratory Corp of America Holdings 63 27,389 Emerson Electric Co. 1,429 1,150 Mallinckrodt PLC 70 2,480 Graco Inc. 196 1,830 McKesson Corp. 342 11,628 IHS Inc. 1,344 21,596 Medtronic PLC 1,874 4,270 Illinois Tool Works Inc. 445 19,435 Premier Inc. 636 650 Keysight Technologies Inc. 19 2,650 Quintiles Transnational Holdings Inc. 173 5,426 Landstar System Inc. 373 931 Regeneron Pharmaceuticals Inc. 325 730 Mettler-Toledo International Inc. 266 17,363 St Jude Medical Inc. 1,354 1,180 Middleby Corp. 136 3,890 Stryker Corp. 466 7,454 MSC Industrial Direct Co Inc. 526 2,090 Teleflex Inc. 371 46,872 Paychex Inc. 2,789 12,670 UnitedHealth Group Inc. 1,789 17,710 Rockwell Automation Inc. 2,033 9,800 Varian Medical Systems Inc. 806 17,686 Rollins Inc. 518 7,740 VCA Inc. 523 3,360 Snap-on Inc. 530 3,440 Veeva Systems Inc. 117 2,550 Stanley Black & Decker Inc. 284 7,340 Vertex Pharmaceuticals Inc. 631 13,015 Toro Co. 1,148 6,748 Zimmer Biomet Holdings Inc. 812 21,164 Trimble Navigation Ltd 516 12,235 Zoetis Inc. 581 21,469 United Parcel Service Inc. 2,313 37,268 19,647 Verisk Analytics Inc. 1,593 11,430 Waste Management Inc. 757 2,447 Waters Corp. 344 30,595

48 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS GROWTH FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Value (000's) Technology 22.31% Utilities 3.53% 100 Adobe Systems Inc. $ 10 8,016 AT&T Inc. $ 346 3,363 Alibaba Group Holding Ltd 267 1,200 Dominion Resources Inc/VA 94 2,188 Alphabet Inc. Class A 1,539 14,293 NextEra Energy Inc. 1,864 11,595 Alphabet Inc. Class C 8,025 144,485 Verizon Communications Inc.. 8,069 16,250 Amdocs Ltd 938 10,373 97,635 Apple Inc. 9,334 7,330 ARRIS International PLC 154 6,170 Autodesk Inc. 334 TOTAL COMMON STOCKS 294,235 4,846 Baidu Inc. 800 (Cost $251,920,433) 3,084 CDK Global Inc. 171 26,271 Check Point Software Technologies Ltd 2,093 10,281 Cirrus Logic Inc. 399 Short-Term Investments 0.23% 36,691 Cisco Systems Inc. 1,053 656,294 Dreyfus Government Cash Management Fund $ 656 8,070 Citrix Systems Inc. 646 (Cost $656,294) 12,757 Cognizant Technology Solutions Corp. 730 12,682 CommScope Holding Co Inc. 394 TOTAL INVESTMENTS 100.43% 294,891 11,718 Cree Inc. 286 (Cost $252,576,727) 8,560 CSRA Inc. 201 5,200 DST Systems Inc. 605 Liabilities Less, Other Assets -0.43% (1,256) 7,687 F5 Networks Inc.. 875 49,889 Facebook Inc. 5,701 TOTAL NET ASSETS 100.00% $ 293,635 9,775 Gartner Inc. 952 3,600 International Paper Co. 153 23,263 Intuit Inc. 2,596 18,940 Juniper Networks Inc. 426 35,564 Linear Technology Corp. 1,655 2,840 LinkedIn Corp. 537 39,032 Maxim Integrated Products Inc. 1,393 122,712 Microsoft Corp. 6,279 12,162 Motorola Solutions Inc. 802 4,230 NetSuite Inc. 308 123,512 Nuance Communications Inc. 1,930 110,559 Oracle Corp. 4,525 3,831 PTC Inc. 144 42,634 QUALCOMM Inc. 2,284 22,475 Rackspace Hosting Inc. 469 430 Red Hat Inc. 31 14,580 Sabre Corp. 391 15,207 salesforce.com Inc. 1,208 2,420 Splunk Inc. 131 17,360 Tableau Software Inc. 849 9,550 Teradata Corp. 239 43,775 Texas Instruments Inc. 2,743 580 Xilinx Inc. 27 28,993 Yelp Inc. 880 65,507

49 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND JUNE 30, 2016

The Portfolio Summary of Investments by Country

Portfolio Asset Mix (% of Net Assets) % of Fair Equities 97.00% Investments Value (000's) Number of Stocks 353 Australia 1.43% $ 8,884 Top Ten Stocks (% of Net Assets) 18.15% Belgium 1.13% $ 7,020 Brazil 1.24% $ 7,704 Fixed Income Securities Canada 4.92% $ 30,567 Dreyfus Government Cash Management Fund 2.87% Chile 0.16% $ 994 Other Assets, Less Liabilities 0.13% China 6.73% $ 41,812 Czech Republic 0.03% $ 186 Top Ten Equity Holdings (% of Net Assets) Denmark 3.14% $ 19,508 Taiwan Semiconductor Manufacturing Co. Ltd 2.67% Finland 0.19% $ 1,180 Nestle SA 2.39% France 9.21% $ 57,219 Tencent Holdings Ltd 2.23% Germany 4.93% $ 30,629 Chubb Ltd 1.80% Greece 0.03% $ 186 KDDI Corp. 1.78% Hong Kong 0.75% $ 4,660 Compass Group PLC 1.59% India 2.10% $ 13,047 East Japan Railway Co. 1.46% Indonesia 0.44% $ 2,734 Essilor International SA 1.45% Ireland 1.72% $ 10,686 Akzo Nobel NV 1.39% Italy 0.77% $ 4,784 Canadian Pacific Railway Ltd 1.39% Japan 13.35% $ 82,940 Korea 3.32% $ 20,626 Malaysia 0.30% $ 1,864 Top 5 Industries (% of Net Assets) Mexico 1.48% $ 9,195 Financial Services 17.05% Netherlands 3.82% $ 23,733 Consumer Discretionary 14.44% New Zealand 0.25% $ 1,553 Producer Durables 14.06% Norway 0.32% $ 1,988 Technology 13.81% Peru 0.03% $ 186 Consumer Staples 9.75% Philippines 0.03% $ 186 Poland 0.20% $ 1,243 Portugal 0.20% $ 1,243 Qatar 0.03% $ 186 Russia 1.31% $ 8,139 Singapore 0.03% $ 186 South Africa 0.97% $ 6,026 South Korea 0.01% $ 62 Spain 1.32% $ 8,201 Sweden 1.01% $ 6,275 Switzerland 7.01% $ 43,551 Taiwan 3.61% $ 22,428 Thailand 0.47% $ 2,920 Turkey 0.26% $ 1,615 United Arab Emirates 0.08% $ 497 United Kingdom 14.24% $ 88,469 United States 7.43% $ 46,160 100.00% $ 621,271

50 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks 97.00% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 14.44% Consumer Staples (continued) 16,773 adidas AG $ 2,394 737 CJ CheilJedang Corp. $ 249 1,491 Amorepacific Corp. 559 72,007 CK Hutchison Holdings Ltd 785 257,047 ANTA Sports Products Ltd 514 30,500 Coca-Cola West Co Ltd 860 113,097 Barratt Developments PLC 613 15,059 Delhaize Group 1,581 31,963 Bellway PLC 811 189,979 Diageo PLC 5,299 108,727 Carnival PLC 4,811 136,116 Domino's Pizza Group PLC 605 519,695 Compass Group PLC 9,879 23,900 Gruma SAB de CV 341 168,790 Ctrip.com International Ltd ADR 6,954 19,403 GS Retail Co Ltd 918 22,079 Dollarama Inc 1,533 17,047 Heineken NV 1,568 374,000 Dongfeng Motor Group Co. Ltd 390 641,600 Indofood Sukses Makmur Tbk PT 352 8,921 FF Group 166 218,885 J Sainsbury PLC ADR 680 9,592 Ford Otomotiv Sanayi AS 102 379,917 JBS SA 1,186 49,048 Fuji Heavy Industries Ltd 1,663 80,389 Jeronimo Martins SGPS SA 1,265 26,272 FUJIFILM Holdings Corp. 1,010 131,500 Kimberly-Clark de Mexico SAB de CV 308 1,902,000 GOME Electrical Appliances Holding Ltd 226 470 LG Household & Health Care Ltd 456 79,500 Great Wall Motor Co. Ltd 66 61,006 Marine Harvest ASA 1,017 960,000 Guangzhou Automobile Group Co. Ltd 1,145 52,932 Metro Inc. 1,835 13,590 Hermes International 5,087 192,661 Nestle SA 14,862 30,600 Honda Motor Co. Ltd 767 177,600 Nippon Suisan Kaisha Ltd 907 1,801 Hyundai Mobis Co. Ltd 394 108,139 Orkla ASA 954 107,410 Industria de Diseno Textil SA 3,569 22,197 Premium Brands Holdings Corp 930 35,728 Kia Motors Corp. 1,340 32,011 Royal Unibrew A/S 1,424 271,148 Kroton Educacional SA 1,148 256,985 Shoprite Holdings Ltd 2,919 5,401 LG Electronics Inc. 253 370,500 Thai Union Group PCL 232 37,510 LVMH Moet Hennessy Louis Vuitton SE 5,667 175,190 Treasury Wine Estates Ltd 1,204 177,916 Marks & Spencer Group PLC 758 59,667 Unilever NV 2,778 72,368 Mobilezone Holding AG 936 24,063 Unilever PLC 1,151 23,100 New Oriental Education & Technology Group Inc. ADR 967 39,560 Universal Robina Corp 175 133,500 Nikon Corp. 1,804 35,500 Valor Holdings Co. Ltd 940 49,512 Oriflame Holding AG 1,252 1,118,060 WH Group Ltd 876 9,924 Paddy Power Betfair PLC 1,047 60,676 12,520 Pandora A/S 1,696 11,900 Pola Orbis Holdings Inc. 1,108 Energy 5.68% 47,000 Pou Chen Corp. 63 445,900 Bangchak Petroleum PCL ADR 406 23,101 ProSiebenSat.1 Media SE 1,006 11,540 China Petroleum & Chemical Corp ADR 831 332,176 RELX NV 5,761 586,869 CNOOC Ltd 728 48,734 Sekisui House Ltd 845 68,540 Core Laboratories NV 8,491 387,210 Skyworth Digital Holdings Ltd 316 122,443 Gazprom PJSC ADR 530 26,600 Smiles SA 398 45,000 JA Solar Holdings Co. Ltd ADR 308 224,737 Star Entertainment Grp Ltd 904 5,189 KOC Holding ASADR 118 21,494 TAL Education Group ADR 1,334 7,391 Lukoil PJSC ADR 309 20,303 Tata Motors Ltd ADR 704 8,657 Lukoil PJSC 361 5,400 Toyota Industries Corp. 212 320,942 PetroChina Co Ltd 219 40,128 Toyota Motor Corp. 1,976 3,407 PetroChina Co Ltd ADR 231 64,518 Volkswagen AG 7,763 29,400 Petroleo Brasileiro SA 171 2,375,020 Wal-Mart de Mexico SAB de CV 5,662 32,705 Polski Koncern Naftowy ORLEN SA 570 82,924 WPP PLC 1,720 200,492 PTT Global Chemical PCL 338 100,300 Yamada Denki Co.Ltd 528 60,400 PTT PCL 538 89,821 68,600 PTT PCL ADR 611 266,772 Royal Dutch Shell PLC 7,354 Consumer Staples 9.75% 46,100 Seven Generations Energy Ltd 875 35,373 Alimentation Couche-Tard Inc. 1,511 5,789 SK Innovation Co. Ltd 706 262,185 Ambev SA 1,559 80,377 Surgutneftegas OJSC ADR 412 9,700 Anheuser-Busch InBev SA/NV 1,267 6,000 Tatneft PJSC ADR 184 46,300 Arca Continental SAB de CV 329 16,404 Technip SA 890 119,391 Aryzta AG 4,392 125,900 Thai Oil PCL 215 183,355 Bellamy's Australia Ltd 1,394 171,179 TOTAL SA 8,250 4,289 Blackmores Ltd 420 23,081 Tupras Turkiye Petrol Rafinerileri AS 512 63,287 BRF SA 886 17,753 Vestas Wind Systems A/S 1,200 936 Brookfield Business Partners LP 18 35,358 297,300 Charoen Pokphand Foods PCL 243

51 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services 17.05% Financial Services( continued) 136,922 3i Group PLC $ 1,002 $ 535,540 Shimao Property Holdings Ltd $ 674 1,198,425 Aviva PLC 6,310 212,643 Sumitomo Mitsui Financial Group Inc. 6,065 19,972 Axis Bank Ltd 775 425,600 Thanachart Capital PCL 424 9,051,944 Banco de Chile 968 28,368 Toronto-Dominion Bank 1,212 63,770 Banco do Brasil SA 338 132,673 UBS Group AG 1,712 2,280,000 Bank of China Ltd 908 184,000 Wharf Holdings Ltd 1,114 55,366 Barclays Africa Group Ltd 545 35,300 Woori Bank 292 2,688,078 Barclays PLC 4,980 27,238 Zurich Insurance Group AG 6,692 18,597 Barwa Real Estate Co. 169 106,064 17,611 BNK Financial Group Inc. 123 105,886 BNP Paribas SA 4,677 Healthcare 9.35% 273,891 BOC Hong Kong Holdings Ltd 819 17,451 Actelion Ltd 2,923 46,810 Brookfield Asset Management Inc. 1,541 105,053 Amplifon SpA 982 47,600 BTG Pactual Group 272 10,130 Boiron SA 794 1,532,290 CaixaBank SA 3,348 5,744 Chong Kun Dang Pharmaceutical Corp. 551 179,675 Challenger Ltd/Australia 1,155 102,043 Chr Hansen Holding A/S 6,673 556,000 China Construction Bank Corp. 367 11,433 Cochlear Ltd 1,032 467,000 China Everbright Bank Co. Ltd 213 101,195 Coloplast A/S 7,521 85,645 Chubb Ltd 11,195 68,329 Essilor International SA 9,022 6,120 Commonwealth Bank of Australia 339 220,132 Fisher & Paykel Healthcare Corp Ltd 1,576 11,752 Daishin Securities Co. Ltd 102 637 Galenica AG 857 293,887 DAMAC Properties Dubai Co. PJSC 182 5,582 Genmab A/S 1,009 15,600 DBS Group Holdings Ltd 183 105,516 ICON PLC 7,387 161,339 Direct Line Insurance Group PLC 744 13,786 Ipsen SA 849 5,475 Dongbu Insurance Co. Ltd 329 2,868,800 Kalbe Farma Tbk PT 332 128,459 Dubai Islamic Bank PJSC 179 12,523 Orpea 1,031 15,555 Euronext NV 573 27,456 Otsuka Holdings Co. Ltd 1,263 142,600 Even Construtora e Incorporadora SA 170 89,707 Recordati SpA 2,691 385,980 Experian PLC 7,286 35,901 Shire PLC 2,227 38,551 First Capital Realty Inc. 658 1, 321,326 Sigma Pharmaceuticals Ltd 1,112 40,800 First Gulf Bank PJSC 140 86,745 Sysmex Corp. 5,910 67,229 FirstRand Ltd 206 45,000 TTY Biopharm Co. Ltd 158 234,000 Fubon Financial Holding Co. Ltd 273 17,193 UCB SA 1,284 18,200 Fuyo General Lease Co. Ltd 733 123,813 UDG Healthcare PLC 980 270,400 Guangzhou R&F Properties Co. Ltd 341 58,164 10,927 Hana Financial Group Inc. 221 9,126 Hannover Rueck SE 951 Materials & Processing 5.26% 126,756 HDFC Bank Ltd ADR 8,410 138,443 Akzo Nobel NV 8,670 106,200 ICICI Bank Ltd ADR 763 116,700 Alfa SAB de CV 199 1,781,000 Industrial & Commercial Bank of China Ltd 985 20,032 Bekaert SA 867 36,688 Industrial Bank of Korea 355 45,672 BillerudKorsnas AB 675 191,928 ING Groep NV 1,957 50,610 Boliden AB 972 93,166 Intermediate Capital Group PLC 611 40,788 Boral Ltd 189 193,043 Itausa - Investimentos Itau SA 452 39,000 Braskem SA 231 41,035 KBC Group NV 2,002 310,730 Cemex SAB de CV 190 308,000 KWG Property Holding Ltd 178 944,465 China Hongqiao Group Ltd 633 129,145 Lazard Ltd 3,846 614,000 China Lumena New Materials Corp 0 17,456 Liberty Holdings Ltd 144 107,162 Clariant AG 1,807 6,073,934 Lloyds Banking Group PLC 4,389 35,406 CRH PLC 1,023 150,600 Malayan Banking Bhd 304 146,233 Eregli Demir ve Celik Fabrikalari TAS 206 20,746 Meritz Fire & Marine Insurance Co. Ltd 265 25,253 Evonik Industries AG 750 292,630 Mitsubishi UFJ Financial Group Inc. 1,300 438,265 Fortescue Metals Group Ltd 1,142 465,400 Mizuho Financial Group Inc. 673 16,500 Hitachi Metals Ltd 165 189,337 MMI Holdings Ltd/South Africa 293 1,124 Hyosung Corp. 121 27,107 NN Group NV 747 223,897 Kinross Gold Corp. 1,093 73,979 ORIX Corp. 943 4, 063 LG Chem Ltd 917 176,000 PICC Property & Casualty Co. Ltd 275 3,302 LG Chem Ltd Preferred 548 28,821 Powszechny Zaklad Ubezpieczen SA 208 39,417 Linde AG 5,489 192,150 Prudential PLC 3,229 3,440 Lotte Chemical Corp. 845 152,000 Ruentex Development Co. Ltd 176 177,000 Nippon Electric Glass Co. Ltd 733 248,442 Sanlam Ltd 1,024 14,444 PhosAgro OJSC 213 3,198,500 Sansiri PCL 168 4,688 POSCO 820 46,000 Sberbank of Russia PJSC 402 89,779 Sibanye Gold Ltd 307 1,168,357 Shenzhen Investment Ltd 465 10,552 Silver Wheaton Corp. 247

52 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Materials & Processing (continued) Technology 13.81% 6,718 Southern Copper Corp. $ 181 96,697 Advanced Semiconductor Engineering Inc ADR $ 540 53,672 Svenska Cellulosa AB SCA 1,704 7,800 Alibaba Group Holding Ltd 620 68,473 Turquoise Hill Resources Ltd 230 208,000 Arcadyan Technology Corp. 382 65,241 UPM-Kymmene OYJ 1,189 156,630 ARM Holdings PLC ADR 7,128 49,075 Vedanta Ltd ADR 386 113,254 Auto Trader Group PLC 535 32,742 1,200 Baidu Inc.ADR 198 15,783 Capgemini SA 1,371 Producer Durables 14.06% 23,143 CGI Group Inc. 983 56,339 ABB Ltd 1,106 9,473 Com2uSCorp. 1,081 40,980 Accenture PLC 4,643 15,022 Constellation Software Inc/Canada 5,784 7,267 ACS Actividades de Construccion y Servicios SA 197 330,650 Delta Electronics Thailand PCL 642 7,267 ACS Actividades de Construccion y Servicios SA Class D 5 34,300 DTS Corp. 634 743,400 Adhi Karya Persero Tbk PT 156 1,484,000 Hitachi Ltd 6,132 8,238 Aena SA 1,082 152,612 Hon Hai Precision Industry Co Ltd 771 602,900 AirAsia Bhd 389 396,900 Hon Hai Precision Industry Co. Ltd Class B 1,015 1,094,607 Balfour Beatty PLC 3,146 86,752 Infineon Technologies AG 1,250 4,723 Bangkok Expressway & Metro PCL 1 95,585 Infosys Ltd ADR 1,706 76,200 Barloworld Ltd 381 818,000 Innolux Corp. 274 34,230 Canadian National Railway Co. 2,011 366,000 Inventec Corp. 259 67,255 Canadian Pacific Railway Ltd 8,662 10,940 LG Display Co. Ltd 251 509,000 China Communications Construction Co. Ltd 545 200,000 Lite-On Technology Corp. 273 389,500 China Railway Construction Corp. Ltd 485 70,082 Mycronic AB 519 530,000 China Railway Group Ltd 394 5,400 NetEase Inc. ADR 1,043 260,000 China Southern Airlines Co. Ltd 146 15,900 Open Text Corp. 935 47,861 Deutsche Post AG 1,339 301,000 Pegatron Corp. 633 890 dorma+kaba Holding AG 621 166,000 Powertech Technology Inc. 368 98,807 East Japan Railway Co. 9,085 29,000 Radiant Opto-Electronics Corp. 45 109,397 Grupo Aeroportuario del Pacifico SAB de CV 1,114 4,564 Samsung Electronics Co. Ltd 5,646 68,599 Grupo Aeroportuario del Sureste SAB de CV 1,083 88,253 SAP SE 6,585 11,653 Hyundai Development Co-Engineering & Construction 400 6,413 SK Hynix Inc. 180 71,800 ITOCHU Corp. 867 632,113 Taiwan Semiconductor Manufacturing Co. Ltd 16,580 191,034 Japan Airlines Co. Ltd 6,130 611,820 Tencent Holdings Ltd 13,888 11,000 JGC Corp. 156 14,700 Tokyo Electron Ltd 1,229 24,674 Kanamoto Co. Ltd 476 9,329 Tovis Co. Ltd 65 11,930 Keyence Corp. 8,040 21,100 Wipro Ltd ADR 261 178,800 Komatsu Ltd 3,084 289,000 WPG Holdings Ltd 336 75,874 Legrand SA 3,904 262,515 Yandex NV 5,736 4,001 LG Corp. 221 85,878 51,372 Multiplus SA 567 111,700 Obayashi Corp. 1,181 354,860 Pagegroup PLC 1,409 Utilities 7.60% 2,639 Posco Daewoo Corp. 57 9,558 CEZ AS 162 539,089 PostNL NV 2,205 353,179 China Mobile Ltd 4,036 49,615 Prysmian SpA 1,083 1,572,425 China Telecom Corp. Ltd 701 14,627 Ryanair Holdings PLC 1,017 69,000 Chunghwa Telecom Co. Ltd 249 105,529 Schneider Electric SE 6,221 27,132 Cia Energetica de Minas Gerais 61 3,325 SGS SA 7,597 27,300 Cia Paranaense de Energia 248 9,896 Siemens AG 1,009 121,389 Deutsche Telekom AG 2,061 43,547 Skanska AB 902 363,722 Engie SA 5,863 158,873 Sumitomo Heavy Industries Ltd 688 588,051 Huaneng Power International Inc. 362 26,444 TAV Havalimanlari Holding AS 113 364,900 KDDI Corp. 11,073 114,279 Tekfen Holding AS 293 15,398 Keyera Corp. 469 5,676 Turk Hava Yollari AO 11 46,424 Korea Electric Power Corp. 2,434 7,935 Turk Traktor ve Ziraat Makineleri AS 232 3,677 Millicom International Cellular SA 224 17,921 Vinci SA 1,268 32,539 Nippon Telegraph & Telephone Corp. 1,522 19,005 West Japan Railway Co. 1,198 28,300 NTT DOCOMO Inc. 763 17,100 Yokogawa Electric Corp. 191 51,142 Orange SA 833 358,000 Zhejiang Expressway Co. Ltd 336 144,701 PGE Polska Grupa Energetyczna SA 432 87,447 260,721 SSE PLC 5,416 86,364 Tauron Polska Energia SA 62 6,252,500 Telekomunikasi Indonesia Persero Tbk PT 1,883

53 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS INTERNATIONAL EQUITY FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Utilities (continued) 340,600 Tenaga Nasional Bhd $ 1,191 Short-Term Investments 2.87% 39,160 Veolia Environnement SA 847 17,853,880 Dreyfus Government Cash Management Fund $ 17,854 17,487 Vodacom Group Ltd 200 (Cost $17,853,800) 1,751,371 Vodafone Group PLC 5,330 1,171,142 China Petroleum & Chemical Corp. 845 TOTAL INVESTMENTS 99.87% 621,271 47,267 (Cost $627,400,816)

TOTAL COMMON STOCKS (Cost $609,546,937) 603,417 Other Assets, Liabilities Less 0.13% 801

TOTAL NET ASSETS 100.00% $ 622,072

54 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

The Portfolio

Portfolio Asset Mix (% of Net Assets)

Equities 99.81% Number of Stocks 1,910 Top Ten Stocks (% of Net Assets) 2.33%

Fixed Income Securities Dreyfus Government Cash Management Fund 0.58% Liabilities Less, Other Assets -0.39%

Top Ten Equity Holdings (% of Net Assets) Core-Mark Holding Co Inc. 0.29% IDACORP Inc. 0.24% Portland General Electric Co. 0.23% Gramercy Property Trust 0.23% Curtiss-Wright Corp. 0.23% HealthSouth Corp. 0.22% Southwest Gas Corp. 0.22% MAXIMUS Inc. 0.22% Sensient Technologies Corp. 0.22% Investors Bancorp Inc. 0.22%

Top 5 Industries (% of Net Assets) Financial Services 26.32% Technology 14.30% Consumer Discretionary 14.13% Producer Durables 13.48% Health Care 13.35%

55 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks 99.81% Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary 14.13% Consumer Discretionary (continued) 4,480 1-800-Flowers.com Inc. $ 40 5,630 Columbia Sportswear Co. $ 324 4,800 2U Inc. 141 3,090 Conn's Inc. 23 12,712 Aaron's Inc. 278 2,800 Container Store Group Inc. 15 13,600 Abercrombie & Fitch Co. 242 11,160 Cooper Tire & Rubber Co. 333 4,100 AMC Entertainment Holdings Inc. 113 2,600 Cooper-Standard Holding Inc. 205 14,350 American Axle & Manufacturing Holdings Inc. 208 3,648 Cracker Barrel Old Country Store Inc. 626 35,200 American Eagle Outfitters Inc. 561 14,320 Crocs Inc. 162 3,100 American Public Education Inc. 87 1,730 CSS Industries Inc. 46 2,430 American Woodmark Corp. 161 195 Daily Journal Corp. 46 1,550 America's Car-Mart Inc/TX 44 29,730 Dana Holding Corp. 314 7,890 Angie's List Inc. 51 4,300 Dave & Buster's Entertainment Inc. 201 19,300 Apollo Education Group Inc. 176 6,100 Deckers Outdoor Corp. 351 5,263 Arctic Cat Inc. 89 5,290 Del Frisco's Restaurant Group Inc. 76 4,210 Asbury Automotive Group Inc. 222 5,495 Del Taco Restaurants Inc. 50 33,178 Ascena Retail Group Inc. 232 2,218 Delta Apparel Inc. 50 85,193 Avon Products Inc. 322 14,250 Denny's Corp. 153 5,789 Barnes & Noble Education Inc. 59 3,060 Destination XL Group Inc. 14 10,360 Barnes & Noble Inc. 118 12,100 DeVry Education Group Inc. 216 1,800 Bassett Furniture Industries Inc. 43 8,800 Diamond Resorts International Inc. 264 5,928 Beazer Homes USA Inc. 46 3,276 DineEquity Inc. 278 18,890 Belmond Ltd 187 4,960 Dorman Products Inc. 284 8,759 Big 5 Sporting Goods Corp. 81 14,400 DreamWorks Animation SKG Inc. 589 9,400 Big Lots Inc. 471 4,690 Drew Industries Inc. 398 237 Biglari Holdings Inc. 96 13,014 DSW Inc. 276 3,740 BJ's Restaurants Inc. 164 1,400 Duluth Holdings Inc. 34 22,210 Bloomin' Brands Inc. 397 3,100 Eastman Kodak Co. 50 2,130 Blue Nile Inc. 58 2,400 El Pollo Loco Holdings Inc. 31 4,000 Bob Evans Farms Inc/DE 152 5,100 Eldorado Resorts Inc. 77 1,500 Bojangles' Inc. 25 4,640 Elizabeth Arden Inc. 64 2,200 Boot Barn Holdings Inc. 19 1,194 Empire Resorts Inc. 19 15,150 Boyd Gaming Corp. 279 4,490 Entercom Communications Corp. 61 2,950 Bridgepoint Education Inc. 21 11,080 Entravision Communications Corp. 74 7,220 Bright Horizons Family Solutions Inc. 479 5,100 Eros International PLC. 83 5,315 Buckle Inc. 138 4,100 Escalade Inc. 42 3,671 Buffalo Wild Wings Inc. 510 4,780 Ethan Allen Interiors Inc. 158 1,400 Build-A-Bear Workshop Inc. 19 3,600 Etsy Inc. 35 8,300 Caesars Acquisition Co. 93 11,904 EW Scripps Co. 189 9,960 Caesars Entertainment Corp. 77 14,860 Express Inc. 216 8,450 Caleres Inc. 205 5,380 Federal-Mogul Holdings Corp. 45 15,860 Callaway Golf Co. 162 5,050 Fiesta Restaurant Group Inc. 110 2,230 Capella Education Co. 117 8,569 Finish Line Inc. 173 3,400 Care.com Inc. 40 10,510 Five Below Inc. 488 12,190 Career Education Corp. 73 1,100 Flexsteel Industries Inc. 44 4,750 Carmike Cinemas Inc. 143 1,000 Fogo De Chao Inc. 13 2,910 Carriage Services Inc. 69 8,113 Fossil Group Inc. 231 7,660 Carrols Restaurant Group Inc. 91 4,900 Fox Factory Holding Corp. 85 5,130 Cato Corp. 194 7,900 Francesca's Holdings Corp. 87 1,730 Cavco Industries Inc. 162 5,315 Franklin Covey Co. 81 13,260 Central European Media Enterprises Ltd 28 7,610 Fred's Inc. 123 2,243 Central Garden & Pet Co. 51 3,284 FTD Cos Inc. 82 8,460 Central Garden & Pet Co. Class A 184 22,734 Gannett Co Inc. 314 2,700 Century Communities Inc. 47 4,010 Genesco Inc. 258 9,210 Cheesecake Factory Inc. 443 6,840 Gentherm Inc. 234 13,700 Chegg Inc. 69 7,720 G-III Apparel Group Ltd 353 26,900 Chico's FAS Inc. 288 3,768 Golden Entertainment Inc. 44 3,630 Children's Place Inc. 291 19,540 GoPro Inc. 211 2,624 Churchill Downs Inc. 332 9,090 Grand Canyon Education Inc. 363 3,120 Chuy's Holdings Inc. 108 11,690 Gray Television Inc. 127 6,180 Cimpress NV 572 4,250 Group 1 Automotive Inc. 210 2,800 Citi Trends Inc. 43 11,900 Guess? Inc. 179 9,250 ClubCorp Holdings Inc. 120 2,100 Habit Restaurants Inc. 34 3,891 Collectors Universe Inc. 77 6,413 Haverty Furniture Cos Inc. 116 4,620 HealthStream Inc. 123

56 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary (continued) Consumer Discretionary (continued) 5,416 Helen of Troy Ltd $ 557 11,440 National CineMedia Inc. $ 177 1,780 Hemisphere Media Group Inc. 21 989 National Presto Industries Inc. 93 4,520 Hibbett Sports Inc. 157 7,330 Nautilus Inc. 131 2,400 Hooker Furniture Corp. 52 2,000 New Home Co Inc. 19 3,247 Horizon Global Corp. 37 8,400 New Media Investment Group Inc. 152 24,100 Houghton Mifflin Harcourt Co. 377 25,810 New York Times Co. 312 11,540 Hovnanian Enterprises Inc. 19 6,000 Nexstar Broadcasting Group Inc. 285 6,520 HSN Inc. 319 2,200 Noodles & Co. 22 8,460 Iconix Brand Group Inc. 57 5,760 Nutrisystem Inc. 146 10,684 IDI Inc. 51 107,015 Office Depot Inc. 354 11,300 IMAX Corp. 333 1,900 Ollie's Bargain Outlet Holdings Inc. 47 900 Instructure Inc. 17 3,450 Outerwall Inc. 145 3,550 Inter Parfums Inc. 101 2,190 Overstock.com Inc. 35 5,930 International Speedway Corp. 198 2,750 Oxford Industries Inc. 156 23,160 Interval Leisure Group Inc. 368 5,420 Papa John's International Inc. 369 4,842 Intrawest Resorts Holdings Inc. 63 4,500 Party City Holdco Inc. 63 3,930 Isle of Capri Casinos Inc. 72 15,800 Penn National Gaming Inc. 220 7,718 J Alexander's Holdings Inc. 77 2,900 Performance Sports Group Ltd 9 6,200 Jack in the Box Inc. 533 2,220 Perry Ellis International Inc. 45 3,330 JAKKS Pacific Inc. 26 16,190 Pier 1 Imports Inc. 83 818 Jamba Inc. 8 11,840 Pinnacle Entertainment Inc. 131 1,630 Johnson Outdoors Inc. 42 3,900 Planet Fitness Inc. 74 10,179 K12 Inc. 127 4,480 Popeyes Louisiana Kitchen Inc. 245 14,330 KB Home 218 2,600 Potbelly Corp. 33 3,150 Kirkland's Inc. 46 3,741 PriceSmart Inc. 350 6,336 Kona Grill Inc. 68 22,084 QuinStreet Inc. 78 11,590 Krispy Kreme Doughnuts Inc. 243 11,700 Quotient Technology Inc. 157 17,400 La Quinta Holdings Inc. 198 16,130 Radio One Inc. 51 3,000 Lands' End Inc. 49 2,950 Reading International Inc. 37 9,810 La-Z-Boy Inc. 273 2,660 Red Robin Gourmet Burgers Inc. 126 3,000 LGI Homes Inc. 96 5,813 Red Rock Resorts Inc. 128 3,990 Libbey Inc. 63 6,120 Regis Corp. 76 3,333 Liberty Braves Group Class A 50 9,910 Rent-A-Center Inc/TX 122 7,669 Liberty Braves Group Class C 112 6,320 Restoration Hardware Holdings Inc. 181 4,425 Liberty Media Group Class A 85 2,120 Revlon Inc. 68 8,928 Liberty Media Group Class C 169 6,411 Rosetta Stone Inc. 50 1,060 Liberty Tax Inc. 14 7,060 Ruby Tuesday Inc. 25 15,400 Liberty TripAdvisor Holdings Inc. 337 6,530 Ruth's Hospitality Group Inc. 104 18,060 LifeLock Inc. 286 693 Saga Communications Inc. 27 1,890 Lifetime Brands Inc. 28 8,000 Salem Media Group Inc. 58 5,325 Lindblad Expeditions Holdings Inc. 51 5,010 Scholastic Corp. 198 4,341 Lithia Motors Inc. 309 10,770 Scientific Games Corp. 99 4,878 Lumber Liquidators Holdings Inc. 75 3,613 Sears Holdings Corp. 49 4,440 M/I Homes Inc. 84 8,348 Sears Hometown and Outlet Stores Inc. 56 3,200 Malibu Boats Inc. 39 17,494 SeaWorld Entertainment Inc. 251 20,901 Marchex Inc. 66 8,840 Select Comfort Corp. 189 3,290 Marcus Corp. 69 6,799 Sequential Brands Group Inc. 54 1,850 Marine Products Corp. 16 1,100 Shake Shack Inc. 40 4,580 MarineMax Inc. 78 2,670 Shoe Carnival Inc. 67 4,855 Marriott Vacations Worldwide Corp. 333 6,969 Shutterfly Inc. 325 6,418 Matthews International Corp. 357 3,720 Shutterstock Inc. 170 4,150 Mattress Firm Holding Corp. 139 12,815 Sinclair Broadcast Group Inc. 383 7,090 MDC Holdings Inc. 173 2,250 SiteOne Landscape Supply Inc. 76 10,742 MDC Partners Inc. 196 5,670 Sonic Automotive Inc. 97 18,610 Media General Inc. 320 9,390 Sonic Corp. 254 7,010 Meredith Corp. 364 9,970 Sotheby's 273 7,690 Meritage Homes Corp. 289 3,840 Speedway Motorsports Inc. 68 16,320 Meritor Inc. 118 3,200 Sportsman's Warehouse Holdings Inc. 26 2,000 Metaldyne Performance Group Inc. 28 2,690 Stage Stores Inc. 13 1,760 Monarch Casino & Resort Inc. 39 2,570 Stamps.com Inc. 225 6,095 Monro Muffler Brake Inc. 387 3,650 Standard Motor Products Inc. 145 3,600 Motorcar Parts of America Inc. 98 5,259 Stein Mart Inc. 41 2,910 Movado Group Inc. 63 10,917 Steven Madden Ltd 373 11,509 MSG Networks Inc. 177 6,028 Stoneridge Inc. 90 1,176 Nathan's Famous Inc. 52 1,865 Strattec Security Corp. 76

57 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Consumer Discretionary (continued) Consumer Staples (continued) 2,114 Strayer Education Inc. $ 104 3,549 Lifevantage Corp. $ 48 4,450 Superior Industries International Inc. 119 1,400 Lifeway Foods Inc. 14 1,300 Superior Uniform Group Inc. 25 2,050 Limoneira Co. 36 2,030 Systemax Inc. 17 1,920 Medifast Inc. 64 9,740 Tailored Brands Inc. 123 1,900 MGP Ingredients Inc. 73 6,800 Taylor Morrison Home Corp. 101 2,220 National Beverage Corp. 139 10,970 Tenneco Inc. 511 1,610 Natural Grocers by Vitamin Cottage Inc. 21 13,570 Texas Roadhouse Inc. 619 1,500 Natural Health Trends Corp. 42 5,290 Tile Shop Holdings Inc. 105 1,830 Nature's Sunshine Products Inc. 17 2,020 Tilly's Inc. 12 1,450 Nutraceutical International Corp. 34 19,400 Time Inc. 319 4,470 Omega Protein Corp. 89 19,290 TiVo Inc. 191 1,640 Orchids Paper Products Co. 58 4,350 Tower International Inc. 90 3,100 Performance Food Group Co. 83 1,400 Townsquare Media Inc. 11 3,610 PetMed Express Inc. 68 22,400 Travelport Worldwide Ltd 289 4,592 Primo Water Corp. 54 31,520 TRI Pointe Group Inc. 373 4,360 Sanderson Farms Inc. 378 3,900 TubeMogul Inc. 46 50 Seaboard Corp. 144 7,860 Tuesday Morning Corp. 55 1,470 Seneca Foods Corp. 53 10,490 Tumi Holdings Inc. 281 5,300 Smart & Final Stores Inc. 79 2,920 Universal Electronics Inc. 211 13,156 Snyder's-Lance Inc. 446 4,730 Vera Bradley Inc. 67 7,192 SpartanNash Co. 220 4,160 Viad Corp. 129 49,520 SUPERVALU Inc. 234 800 Vince Holding Corp. 4 3,640 Tootsie Roll Industries Inc. 140 4,610 Vitamin Shoppe Inc. 141 5,113 Turning Point Brands Inc. 53 3,900 Wayfair Inc. 152 9,390 United Natural Foods Inc. 439 2,800 WCI Communities Inc. 47 1,057 USANA Health Sciences Inc. 118 4,900 Weight Watchers International Inc. 57 1,290 Village Super Market Inc. 37 4,675 West Marine Inc. 39 2,815 WD-40 Co. 331 1,230 Weyco Group Inc. 34 2,050 Weis Markets Inc. 104 3,530 William Lyon Homes 57 8,692 1,200 Wingstop Inc. 33 501 Winmark Corp. 50 Energy 2.89% 5,540 Winnebago Industries Inc. 127 61,543 Abraxas Petroleum Corp. 70 19,820 Wolverine World Wide Inc. 403 5,560 Alon USA Energy Inc. 36 6,180 World Wrestling Entertainment Inc. 114 3,600 Ameresco Inc. 16 5,580 XO Group Inc. 97 14,880 Archrock Inc. 140 5,300 ZAGG Inc. 28 11,800 Atwood Oceanics Inc. 148 3,900 Zoe's Kitchen Inc. 141 15,746 Bill Barrett Corp. 101 2,920 Zumiez Inc. 42 6,130 California Resources Corp. 75 44,816 22,750 Callon Petroleum Co. 255 3,537 CARBO Ceramics Inc. 46 Consumer Staples 2.74% 11,240 Carrizo Oil & Gas Inc. 403 690 Alico Inc. 21 1,082 Clayton Williams Energy Inc. 30 2,700 Amplify Snack Brands Inc. 40 32,756 Clean Energy Fuels Corp. 114 5,230 Andersons Inc. 186 78,910 Cobalt International Energy Inc. 106 12,210 B&G Foods Inc. 589 6,919 Contango Oil & Gas Co. 85 1,762 Boston Beer Co Inc. 301 3,059 CVR Energy Inc. 47 2,800 Calavo Growers Inc. 188 6,554 Dawson Geophysical Co. 53 6,080 Cal-Maine Foods Inc. 269 11,090 Delek US Holdings Inc. 146 4,160 Chefs' Warehouse Inc. 67 68,014 Denbury Resources Inc. 244 920 Coca-Cola Bottling Co. Consolidated 136 1,100 Earthstone Energy Inc. 12 19,906 Core-Mark Holding Co. Inc 933 8,600 Eclipse Resources Corp. 29 1,760 Craft Brew Alliance Inc. 20 4,870 EnerNOC Inc. 31 18,200 Dean Foods Co. 329 7,899 EP Energy Corp. 41 7,225 Diplomat Pharmacy Inc. 253 3,720 Era Group Inc. 35 1,410 Farmer Brothers Co. 45 13,021 Evolution Petroleum Corp. 71 6,440 Fresh Del Monte Produce Inc. 351 28,460 EXCO Resources Inc. 37 3,700 Freshpet Inc. 35 6,400 Exterran Corp. 82 13,273 GNC Holdings Inc. 322 11,500 Fairmount Santrol Holdings Inc. 89 2,580 Ingles Markets Inc. 96 10,360 Flotek Industries Inc. 137 3,480 Inventure Foods Inc. 27 11,350 Forum Energy Technologies Inc. 196 2,888 J&J Snack Foods Corp. 344 5,863 FuelCell Energy Inc. 36 1,570 John B Sanfilippo & Son Inc. 67 2,340 Geospace Technologies Corp. 38 3,585 Lancaster Colony Corp. 457 17,201 Golar LNG Ltd. 267 3,900 Green Brick Partners Inc. 28

58 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Energy (continued) Financial Services (continued) 7,670 Green Plains Inc $ 151 16,400 American Equity Investment Life Holding Co. $ 234 21,770 Helix Energy Solutions Group Inc. 147 1,510 American National Bankshares Inc. 38 5,720 Hornbeck Offshore Services Inc. 48 6,279 Ameris Bancorp 186 2,923 Independence Contract Drilling Inc. 16 3,560 AMERISAFE Inc. 218 161 Isramco Inc. 13 1,701 Ames National Corp. 46 5,200 Jones Energy Inc. 21 18,830 Anworth Mortgage Asset Corp. 89 15,630 Matador Resources Co. 309 13,993 Apollo Commercial Real Estate Finance Inc. 225 4,830 Matrix Service Co. 80 6,950 Apollo Residential Mortgage Inc. 93 45,500 McDermott International Inc. 225 8,929 Ares Commercial Real Estate Corp. 110 2,230 Natural Gas Services Group Inc. 51 5,885 Argo Group International Holdings Ltd 305 15,120 Newpark Resources Inc. 88 7,980 Arlington Asset Investment Corp. 104 21,255 Northern Oil and Gas Inc. 98 9,267 Armada Hoffler Properties Inc. 127 20,695 NOW Inc. 375 6,940 ARMOUR Residential REIT Inc. 139 35,200 Oasis Petroleum Inc. 329 2,060 Arrow Financial Corp. 62 10,100 Oil States International Inc. 332 4,424 Ashford Hospitality Prime Inc. 63 5,800 Pacific Ethanol Inc. 32 23,986 Ashford Hospitality Trust Inc. 129 6,041 Panhandle Oil and Gas Inc. 101 1,130 Associated Capital Group Inc. 32 2,900 Par Pacific Holdings Inc. 44 17,560 Astoria Financial Corp. 269 21,980 Parker Drilling Co. 50 3,439 Atlantic Capital Bancshares Inc. 50 9,010 PDC Energy Inc. 519 4,704 Atlas Financial Holdings Inc. 81 11,520 Pioneer Energy Services Corp. 53 2,230 AV Homes Inc. 27 9,430 Renewable Energy Group Inc. 83 2,465 Avenue Financial Holdings Inc. 48 1,220 REX American Resources Corp. 73 1,690 Baldwin & Lyons Inc. 42 2,220 RigNet Inc. 30 8,330 Banc of California Inc. 151 5,500 Ring Energy Inc. 49 1,350 BancFirst Corp. 81 12,600 RSP Permian Inc. 440 5,390 Banco Latinoamericano de Comercio Exterior SA 143 16,955 Sanchez Energy Corp 120 6,020 Bancorp Inc. 36 3,310 SEACOR Holdings Inc. 192 18,770 BancorpSouth Inc. 426 73,117 Seadrill Ltd 237 14,842 Bank Mutual Corp. 114 8,400 SemGroup Corp. 274 1,110 Bank of Marin Bancorp 54 19,975 SunCoke Energy Inc. 116 15,100 Bank of the Ozarks Inc. 567 3,200 Sunrun Inc. 19 7,300 BankFinancial Corp. 88 27,050 Synergy Resources Corp. 180 3,980 Banner Corp. 169 7,800 TerraForm Global Inc. 25 1,100 Bar Harbor Bankshares 39 16,912 TerraForm Power Inc. 184 15,201 BBCN Bancorp Inc. 227 14,380 TerraVia Holdings Inc. 38 2,400 Bear State Financial Inc. 23 6,980 Tesco Corp. 47 14,383 Beneficial Bancorp Inc. 183 17,410 TETRA Technologies Inc. 111 5,530 Berkshire Hills Bancorp Inc. 149 3,570 Trecora Resources. 37 35,790 BGC Partners Inc. 312 9,800 Unit Corp. 152 10,240 Blackhawk Network Holdings Inc. 343 3,700 Vivint Solar Inc. 11 6,100 Blue Hills Bancorp Inc. 90 6,210 W&T Offshore Inc. 14 7,359 Bluerock Residential Growth REIT Inc. 96 13,670 Western Refining Inc. 282 5,550 BNC Bancorp 126 8,370 Westmoreland Coal Co. 80 11,372 BofI Holding Inc. 201 16,612 Willbros Group Inc. 42 15,300 Boston Private Financial Holdings Inc. 180 9,162 2,740 Bridge Bancorp Inc. 78 12,938 Brookline Bancorp Inc. 143 Financial Services 26.32% 3,360 Bryn Mawr Bank Corp. 98 3,459 1st Source Corp. 112 3,582 BSB Bancorp Inc/MA 81 13,264 Acadia Realty Trust 471 1,175 C&F Financial Corp. 53 1,300 Access National Corp. 25 1,000 C1 Financial Inc. 23 2,026 ACNB Corp. 51 10,293 Calamos Asset Management Inc. 75 5,110 AG Mortgage Investment Trust Inc. 74 1,360 Camden National Corp. 57 4,210 Agree Realty Corp. 203 3,570 Capital Bank Financial Corp. 103 9,490 Alexander & Baldwin Inc. 343 1,850 Capital City Bank Group Inc. 26 393 Alexander's Inc. 161 27,170 Capitol Federal Financial Inc. 379 2,580 Altisource Portfolio Solutions SA 72 18,650 Capstead Mortgage Corp. 181 11,290 Altisource Residential Corp. 104 6,590 Cardinal Financial Corp. 145 8,620 Ambac Financial Group Inc. 142 8,734 Cardtronics Inc. 348 7,070 American Assets Trust Inc. 300 9,560 American Capital Mortgage Investment Corp. 151

59 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Financial Services (continued) 11,249 CareTrust REIT Inc. $ 155 10,464 Essent Group Ltd $ 228 2,800 Carolina Financial Corp. 52 18,360 EverBank Financial Corp. 273 5,534 Cascade Bancorp 31 6,450 Evercore Partners Inc. 285 4,540 Cash America International Inc. 193 12,850 EVERTEC Inc. 200 2,209 Cass Information Systems Inc. 114 9,240 EZCORP Inc. 70 11,189 CatchMark Timber Trust Inc. 137 5,908 Fair Isaac Corp. 668 15,430 Cathay General Bancorp 435 1,300 Farmers Capital Bank Corp. 36 32,645 CBL & Associates Properties Inc. 304 5,360 Farmers National Banc Corp. 47 15,090 Cedar Realty Trust Inc. 112 4,493 Farmland Partners Inc. 51 8,080 CenterState Banks Inc. 127 1,820 FBL Financial Group Inc. 110 4,160 Central Pacific Financial Corp. 98 5,400 FCB Financial Holdings Inc. 184 600 Century Bancorp Inc/MA 25 1,910 Federal Agricultural Mortgage Corp. 67 6,799 Charter Financial Corp/MD 90 4,983 Federated National Holding Co. 95 7,700 Chatham Lodging Trust 169 25,190 FelCor Lodging Trust Inc. 157 6,330 Chemical Financial Corp. 236 2,030 Fidelity & Guaranty Life 47 11,630 Chesapeake Lodging Trust 270 2,743 Fidelity Southern Corp. 43 2,220 Citizens & Northern Corp. 45 10,040 Financial Engines Inc. 260 8,780 Citizens Inc/TX 67 3,120 Financial Institutions Inc. 81 3,100 City Holding Co. 141 1,950 First Bancorp Inc/ME 42 3,966 City Office REIT Inc. 51 20,680 First BanCorp/Puerto Rico 82 4,823 Clifton Bancorp Inc. 73 3,523 First Bancorp/Southern Pines NC 62 2,560 CNB Financial Corp/PA 46 5,440 First Busey Corp. 116 35,340 CNO Financial Group Inc. 617 1,600 First Business Financial Services Inc. 38 6,950 CoBiz Financial Inc. 81 5,470 First Cash Financial Services Inc. 281 2,334 Codorus Valley Bancorp Inc. 48 1,485 First Citizens BancShares Inc/NC 384 3,850 Cohen & Steers Inc. 156 16,480 First Commonwealth Financial Corp. 152 21,780 Colony Capital Inc. 334 2,967 First Community Bancshares Inc/VA 67 7,500 Colony Starwood Homes 228 2,870 First Connecticut Bancorp Inc/Farmington CT 48 11,336 Columbia Banking System Inc. 318 2,955 First Defiance Financial Corp. 115 8,360 Community Bank System Inc. 344 12,330 First Financial Bancorp 240 2,438 Community Healthcare Trust Inc. 52 12,490 First Financial Bankshares Inc. 410 3,257 Community Trust Bancorp Inc. 113 2,000 First Financial Corp/IN 73 2,150 CommunityOne Bancorp 27 2,552 First Foundation Inc. 55 5,290 ConnectOne Bancorp Inc. 83 22,280 First Industrial Realty Trust Inc. 620 1,844 Consolidated-Tomoka Land Co. 88 3,590 First Interstate BancSystem Inc. 101 4,042 CorEnergy Infrastructure Trust Inc. 117 8,090 First Merchants Corp. 202 4,540 CoreSite Realty Corp. 403 1,974 First Mid-Illinois Bancshares Inc. 49 42,268 Cousins Properties Inc. 440 14,850 First Midwest Bancorp Inc/IL 261 37,184 Cowen Group Inc. 110 2,770 First NBC Bank Holding Co. 47 3,100 CPI Card Group Inc. 16 3,856 First Northwest Bancorp 49 5,070 Crawford & Co. 43 2,230 First of Long Island Corp. 64 3,040 CU Bancorp 69 11,910 First Potomac Realty Trust 110 5,046 Customers Bancorp Inc. 127 31,497 FirstMerit Corp. 638 20,580 CVB Financial Corp. 337 3,680 Flagstar Bancorp Inc. 90 30,380 CYS Investments Inc. 254 6,010 Flushing Financial Corp. 119 540 Diamond Hill Investment Group Inc. 102 38,620 FNB Corp/PA 484 36,879 DiamondRock Hospitality Co. 333 13,500 FNFV Group 155 8,916 Dime Community Bancshares Inc. 152 7,190 Forestar Group Inc. 85 1,520 Donegal Group Inc. 25 11,685 Four Corners Property Trust Inc. 241 13,270 DuPont Fabros Technology Inc. 631 4,502 Fox Chase Bancorp Inc. 92 7,540 Dynex Capital Inc. 52 1,000 Franklin Financial Network Inc. 31 5,960 Eagle Bancorp Inc. 287 17,510 Franklin Street Properties Corp. 215 2,400 Easterly Government Properties Inc. 47 1,240 FRP Holdings Inc. 43 6,330 EastGroup Properties Inc. 436 33,000 Fulton Financial Corp. 446 12,206 Education Realty Trust Inc. 563 5,790 GAIN Capital Holdings Inc. 37 3,180 eHealth Inc. 45 1,130 GAMCO Investors Inc. 37 1,380 EMC Insurance Group Inc. 38 97,340 Genworth Financial Inc. 251 6,530 Employers Holdings Inc. 190 14,445 GEO Group Inc. 494 5,270 Encore Capital Group Inc. 124 2,890 German American Bancorp Inc. 92 4,677 Enova International Inc. 34 4,597 Getty Realty Corp. 99 1,742 Enstar Group Ltd 282 14,830 Glacier Bancorp Inc. 394 1,380 Enterprise Bancorp Inc/MA 33 4,060 Gladstone Commercial Corp. 69 4,100 Enterprise Financial Services Corp. 114 1,520 Global Indemnity PLC 42

60 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Financial Services (continued) 32,991 Global Net Lease Inc. $ 262 21,840 LaSalle Hotel Properties $ 515 13,980 Government Properties Income Trust 322 2,942 LCNB Corp. 46 79,791 Gramercy Property Trust 736 9,172 LegacyTexas Financial Group Inc. 247 1,910 Great Southern Bancorp Inc. 71 63,606 LendingClub Corp. 274 8,200 Great Western Bancorp Inc. 259 1,210 LendingTree Inc. 107 2,600 Green Bancorp Inc. 23 39,716 Lexington Realty Trust 402 8,080 Green Dot Corp. 186 7,210 LTC Properties Inc. 373 3,079 Greene County Bancorp Inc. 50 7,247 Macatawa Bank Corp. 54 5,870 Greenhill & Co Inc. 95 17,000 Mack-Cali Realty Corp. 459 5,968 Greenlight Capital Re Ltd 120 10,090 Maiden Holdings Ltd 124 1,689 Griffin Industrial Realty Inc. 52 4,165 MainSource Financial Group Inc. 92 2,604 Guaranty Bancorp 43 4,888 Manning & Napier Inc. 46 6,848 Hallmark Financial Services Inc. 79 2,500 Marcus & Millichap Inc. 64 15,266 Hancock Holding Co. 399 14,530 MB Financial Inc. 527 6,463 Hanmi Financial Corp. 152 22,400 MBIA Inc. 153 7,040 Hannon Armstrong Sustainable Infrastructure Capital Inc. 152 6,776 MBT Financial Corp. 54 18,900 Hatteras Financial Corp. 310 44,490 Medical Properties Trust Inc. 677 3,398 HCI Group Inc. 93 3,700 Medley Management Inc. 22 18,890 Healthcare Realty Trust Inc. 661 3,580 Mercantile Bank Corp. 85 4,944 Heartland Financial USA Inc. 174 850 Merchants Bancshares Inc/VT 26 3,630 Heritage Commerce Corp. 38 10,262 Meridian Bancorp Inc. 152 6,321 Heritage Financial Corp/WA 111 1,320 Meta Financial Group Inc. 67 3,800 Heritage Insurance Holdings Inc. 45 66,300 MGIC Investment Corp. 394 4,130 Heritage Oaks Bancorp 33 2,288 Midland States Bancorp Inc. 50 8,882 Hersha Hospitality Trust 152 1,380 MidWestOne Financial Group Inc. 39 7,370 HFF Inc. 213 3,200 Moelis & Co. 72 14,467 Hilltop Holdings Inc. 304 5,178 MoneyGram International Inc. 35 238 Hingham Institution for Savings 29 11,680 Monmouth Real Estate Investment Corp. 155 1,786 Home Bancorp Inc. 49 31,700 Monogram Residential Trust Inc. 324 20,896 Home BancShares Inc/AR 414 1,997 MutualFirst Financial Inc. 55 4,650 HomeStreet Inc. 93 5,690 National Bank Holdings Corp. 116 3,560 HomeTrust Bancshares Inc. 66 1,220 National Bankshares Inc. 43 7,920 Horace Mann Educators Corp. 268 1,100 National Commerce Corp. 26 2,080 Horizon Bancorp/IN 52 8,000 National General Holdings Corp. 171 2,200 Houlihan Lokey Inc. 49 7,230 National Health Investors Inc. 543 15,350 HRG Group Inc. 211 1,260 National Interstate Corp. 38 14,560 Hudson Pacific Properties Inc. 425 4,100 National Storage Affiliates Trust 85 7,210 IBERIABANK Corp. 431 465 National Western Life Group Inc. 91 1,500 Impac Mortgage Holdings Inc. 24 7,900 Nationstar Mortgage Holdings Inc. 89 1,210 Independence Holding Co. 22 2,020 Navigators Group Inc. 186 5,755 Independence Realty Trust Inc. 47 8,457 NBT Bancorp Inc. 242 4,100 Independent Bank Corp/MI 59 3,980 Nelnet Inc. 138 5,180 Independent Bank Corp/Rockland MA 237 44,500 New Residential Investment Corp. 616 1,790 Independent Bank Group Inc. 77 15,600 New Senior Investment Group Inc. 167 2,160 Infinity Property & Casualty Corp. 174 18,640 New York Mortgage Trust Inc. 114 4,600 InfraREIT Inc. 81 29,500 New York REIT Inc. 273 10,020 International Bancshares Corp. 261 4,270 NewStar Financial Inc. 36 5,044 INTL. FCStone Inc. 138 6,347 NexPoint Residential Trust Inc. 116 21,535 Invesco Mortgage Capital Inc. 295 1,300 Nicolet Bankshares Inc. 50 6,410 Investment Technology Group Inc. 107 17,861 NMI Holdings Inc. 98 62,373 Investors Bancorp Inc. 691 8,702 Northfield Bancorp Inc. 129 22,930 Investors Real Estate Trust 148 1,887 Northrim BanCorp Inc. 50 544 Investors Title Co. 52 11,531 NorthStar Realty Europe Corp. 107 14,500 iStar Inc. 139 19,975 Northwest Bancshares Inc. 296 2,000 James River Group Holdings Ltd 68 6,623 OceanFirst Financial Corp. 120 28,340 Janus Capital Group Inc. 394 22,000 Ocwen Financial Corp. 38 7,429 KCG Holdings Inc. 99 8,030 OFG Bancorp 67 18,044 Kearny Financial Corp/MD 227 2,837 Old Line Bancshares Inc. 51 8,300 Kemper Corp. 257 25,322 Old National Bancorp/IN 317 15,629 Kennedy-Wilson Holdings Inc. 296 5,300 Old Second Bancorp Inc. 36 16,077 Kite Realty Group Trust 451 4,400 OM Asset Management Plc 59 9,379 Ladder Capital Corp. 114 2,100 One Liberty Properties Inc. 50 12,560 Ladenburg Thalmann Financial Services Inc. 30 4,030 OneBeacon Insurance Group Ltd 56 2,751 Lake Sunapee Bank Group 47 5,162 Oppenheimer Holdings Inc. 80 7,690 Lakeland Bancorp Inc. 88 1,900 Opus Bank 64 3,260 Lakeland Financial Corp. 153 3,600 Orchid Island Capital Inc. 37

61 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Financial Services (continued) 8,180 Oritani Financial Corp. $ 131 10,860 Selective Insurance Group Inc. $ 415 2,736 Orrstown Financial Services Inc. 49 4,827 Seritage Growth Properties 241 2,991 Owens Realty Mortgage Inc. 50 4,000 ServisFirst Bancshares Inc. 198 3,460 Pacific Continental Corp. 54 4,402 Shore Bancshares Inc. 52 5,160 Pacific Premier Bancorp Inc. 124 3,621 SI Financial Group Inc. 48 2,450 Park National Corp. 225 2,090 Sierra Bancorp 35 8,890 Park Sterling Corp. 63 7,512 Silver Bay Realty Trust Corp. 128 16,211 Parkway Properties Inc/Md 271 5,680 Simmons First National Corp. 262 3,690 Peapack Gladstone Financial Corp. 68 4,752 South State Corp. 323 13,760 Pebblebrook Hotel Trust 361 2,037 Southern First Bancshares Inc. 49 890 Penns Woods Bancorp Inc. 37 2,033 Southern Missouri Bancorp Inc. 48 12,810 Pennsylvania Real Estate Investment Trust 275 4,033 Southern National Bancorp of Virginia Inc. 49 2,330 PennyMac Financial Services Inc. 29 4,974 Southside Bancshares Inc. 154 13,170 PennyMac Mortgage Investment Trust 214 3,375 Southwest Bancorp Inc. 57 3,310 Peoples Bancorp Inc/OH 72 10,100 St Joe Co. 179 1,400 Peoples Financial Services Corp. 55 12,560 STAG Industrial Inc. 299 25,600 Physicians Realty Trust 538 2,660 State Auto Financial Corp. 58 9,286 PICO Holdings Inc. 88 7,123 State Bank Financial Corp. 145 7,000 Pinnacle Financial Partners Inc. 342 5,600 State National Cos. Inc. 59 2,530 Piper Jaffray Cos. 95 23,538 Sterling Bancorp/DE 370 3,427 PJT Partners Inc. 79 4,560 Stewart Information Services Corp. 189 11,186 Planet Payment Inc. 50 13,202 Stifel Financial Corp. 415 7,880 Potlatch Corp. 269 4,581 Stock Yards Bancorp Inc. 129 9,292 PRA Group Inc. 224 2,000 Stonegate Bank 65 7,587 Preferred Apartment Communities Inc. 112 2,070 Suffolk Bancorp 65 2,090 Preferred Bank/Los Angeles CA 60 3,085 Summit Financial Group Inc. 54 2,978 Premier Financial Bancorp Inc. 50 16,890 Summit Hotel Properties Inc. 224 9,160 Primerica Inc. 524 1,654 Sun Bancorp Inc/NJ 34 14,820 PrivateBancorp Inc. 653 39,218 Sunstone Hotel Investors Inc. 473 13,330 Prosperity Bancshares Inc. 680 9,830 Talmer Bancorp Inc. 188 3,181 Provident Bancorp Inc. 49 2,420 Tejon Ranch Co. 57 12,610 Provident Financial Services Inc. 248 8,130 Terreno Realty Corp. 210 3,709 PS Business Parks Inc. 393 3,475 Territorial Bancorp Inc. 92 2,220 Pzena Investment Management Inc. 17 8,980 Texas Capital Bancshares Inc. 420 2,100 QCR Holdings Inc. 57 11,408 Third Point Reinsurance Ltd 134 6,000 QTS Realty Trust Inc. 336 9,236 Tier REIT Inc. 142 34,510 Radian Group Inc. 360 14,425 Tiptree Financial Inc. 79 32,225 RAIT Financial Trust 101 2,860 Tompkins Financial Corp. 186 15,110 Ramco-Gershenson Properties Trust 296 9,302 Towne Bank/Portsmouth VA 201 2,100 RE/MAX Holdings Inc. 85 4,280 TriCo Bancshares 118 4,400 Real Industry Inc. 34 6,907 Trinity Place Holdings Inc. 53 15,640 Redwood Trust Inc. 216 3,770 TriState Capital Holdings Inc. 52 1,900 Regional Management Corp. 28 2,600 Triumph Bancorp Inc. 42 7,527 Renasant Corp. 243 2,900 Trupanion Inc. 38 1,785 Republic Bancorp Inc/KY 49 17,130 TrustCo Bank Corp. NY 110 12,078 Republic First Bancorp Inc. 52 13,140 Trustmark Corp. 327 8,015 Resource America Inc. 78 6,370 UCP Inc. 51 6,042 Resource Capital Corp. 78 7,440 UMB Financial Corp. 396 19,290 Retail Opportunity Investments Corp. 418 4,090 UMH Properties Inc. 46 12,659 Rexford Industrial Realty Inc. 267 41,975 Umpqua Holdings Corp. 649 8,324 RLI Corp. 573 8,730 Union Bankshares Corp. 216 23,800 RLJ Lodging Trust 511 1,390 Union Bankshares Inc/Morrisville VT 51 1,235 RMR Group Inc. 38 13,103 United Bankshares Inc/WV 491 7,390 Rouse Properties Inc. 135 10,514 United Community Banks Inc/GA 192 8,226 Ryman Hospitality Properties Inc. 417 17,142 United Community Financial Corp/OH 104 6,519 S&T Bancorp Inc. 159 5,500 United Development Funding IV 18 12,236 Sabra Health Care REIT Inc. 252 9,229 United Financial Bancorp Inc. 120 7,563 Safeguard Scientifics Inc. 94 3,610 United Fire Group Inc. 153 2,830 Safety Insurance Group Inc. 174 3,000 United Insurance Holdings Corp. 49 4,610 Sandy Spring Bancorp Inc. 134 2,330 Universal Health Realty Income Trust 133 1,810 Saul Centers Inc. 112 6,600 Universal Insurance Holdings Inc. 123 4,260 Seacoast Banking Corp. of Florida 69 3,510 Univest Corp of Pennsylvania 74 12,030 Select Income REIT 313 16,600 Urban Edge Properties 496 5,302 Urstadt Biddle Properties Inc. 131

62 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Financial Services (continued) Health Care (continued) 43,200 Valley National Bancorp $ 394 2,400 Analogic Corp. $ 191 2,971 Value Line Inc. 49 11,710 Anavex Life Sciences Corp. 72 3,108 Veritex Holdings Inc. 50 4,540 AngioDynamics Inc. 65 3,600 Virtu Financial Inc. 65 1,600 ANI Pharmaceuticals Inc. 89 2,047 Virtus Investment Partners Inc. 146 2,860 Anika Therapeutics Inc. 153 15,356 Waddell & Reed Financial Inc. 264 25,530 Anthera Pharmaceuticals Inc. 79 4,970 Walker & Dunlop Inc. 113 2,000 Applied Genetic Technologies Corp/DE 28 18,400 Washington Federal Inc. 446 7,300 Aratana Therapeutics Inc. 46 13,100 Washington Real Estate Investment Trust 412 4,600 Ardelyx Inc. 40 3,060 Washington Trust Bancorp Inc. 116 51,460 Arena Pharmaceuticals Inc. 88 2,438 WashingtonFirst Bankshares Inc. 53 33,300 ARIAD Pharmaceuticals Inc. 246 8,635 Waterstone Financial Inc. 132 30,550 Array BioPharma Inc. 109 17,660 Webster Financial Corp. 600 20,304 Arrowhead Pharmaceuticals Inc. 108 7,417 WesBanco Inc. 230 3,900 Atara Biotherapeutics Inc. 88 2,897 West Bancorporation Inc. 54 25,000 Athersys Inc. 54 4,820 Westamerica Bancorporation 237 9,187 AtriCure Inc. 130 7,460 Western Asset Mortgage Capital Corp. 70 408 Atrion Corp. 175 2,415 Westwood Holdings Group Inc. 125 1,100 Avexis Inc. 42 8,235 Whitestone REIT 124 4,206 Avinger Inc. 50 13,070 Wilshire Bancorp Inc. 136 7,912 AxoGen Inc. 54 3,806 Wins Finance Holdings Inc. 59 3,000 Axovant Sciences Ltd 39 8,980 Wintrust Financial Corp. 458 1,800 Bellicum Pharmaceuticals Inc. 23 27,763 WisdomTree Investments Inc. 272 32,207 BioCryst Pharmaceuticals Inc. 91 39,260 WMIH Corp. 87 22,936 Bio-Path Holdings Inc. 46 1,400 World Acceptance Corp. 64 4,620 BioScrip Inc. 12 35,937 WP Glimcher Inc. 402 1,100 BioSpecifics Technologies Corp. 44 5,630 WSFS Financial Corp. 181 5,800 BioTelemetry Inc. 95 21,700 Xenia Hotels & Resorts Inc. 364 7,246 Bluebird Bio Inc. 314 7,743 Yadkin Financial Corp. 194 2,000 Blueprint Medicines Corp. 41 1,320 Your Community Bankshares Inc. 49 6,340 Cambrex Corp. 328 83,518 6,605 Cantel Medical Corp. 454 6,920 Capital Senior Living Corp. 122 Health Care 13.35% 13,862 Cara Therapeutics Inc. 67 2,200 AAC Holdings Inc. 50 8,974 Cardiovascular Systems Inc. 165 4,400 Abaxis Inc. 208 2,400 Castlight Health Inc. 10 4,970 Accelerate Diagnostics Inc. 72 6,431 Celator Pharmaceuticals Inc. 194 4,800 Acceleron Pharma Inc. 163 30,181 Celldex Therapeutics Inc. 132 23,664 Accuray Inc. 123 5,612 Cellular Biomedicine Group Inc. 67 18,316 AcelRx Pharmaceuticals Inc. 49 7,030 Cempra Inc. 116 24,700 Achillion Pharmaceuticals Inc. 193 13,840 Cepheid 426 1,300 Aclaris Therapeutics Inc. 24 19,560 Cerus Corp. 122 8,800 Acorda Therapeutics Inc. 224 3,289 Chemed Corp. 448 3,000 Adamas Pharmaceuticals Inc. 45 5,970 ChemoCentryx Inc. 27 1,190 Addus HomeCare Corp. 21 6,588 Cidara Therapeutics Inc. 68 1,500 Adeptus Health Inc. 77 2,100 Civitas Solutions Inc. 44 2,100 Aduro Biotech Inc. 24 5,430 Clovis Oncology Inc. 74 12,020 Advaxis Inc. 97 11,877 Codexis Inc. 48 4,000 Adverum Biotechnologies Inc. 13 5,200 Coherus Biosciences Inc. 88 4,400 Aerie Pharmaceuticals Inc. 77 2,100 Collegium Pharmaceutical Inc. 25 31,787 Agenus Inc. 129 3,465 Computer Programs & Systems Inc. 138 2,300 Aimmune Therapeutics Inc. 25 3,200 Concert Pharmaceuticals Inc. 36 7,480 Air Methods Corp. 268 1,900 ConforMIS Inc. 13 12,969 Akebia Therapeutics Inc. 97 5,370 CONMED Corp. 256 4,860 Albany Molecular Research Inc. 65 5,100 Corindus Vascular Robotics Inc. 7 5,400 Alder Biopharmaceuticals Inc. 135 1,580 CorVel Corp. 68 1,260 Almost Family Inc. 54 3,715 Corvus Pharmaceuticals Inc. 53 6,880 AMAG Pharmaceuticals Inc. 165 2,563 Cotiviti Holdings Inc. 54 5,240 Amedisys Inc. 265 10,287 Cross Country Healthcare Inc. 143 1,789 American Renal Associates Holdings Inc. 52 4,520 CryoLife Inc. 53 9,120 AMN Healthcare Services Inc. 365 52,821 Curis Inc. 82 6,600 Amphastar Pharmaceuticals Inc. 106 7,205 Cutera Inc. 81 14,971 Ampio Pharmaceuticals Inc. 19 4,415 Cynosure Inc. 215

63 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Health Care (continued) Health Care (continued) 12,952 Cytokinetics Inc. $ 123 15,300 Inovio Pharmaceuticals Inc. $ 141 1,800 CytomX Therapeutics Inc. 18 12,300 Insmed Inc. 121 36,321 CytRx Corp. 81 10,930 Insulet Corp. 331 11,860 Depomed Inc. 233 5,970 Insys Therapeutics Inc. 77 3,140 Dermira Inc. 92 5,490 Integra LifeSciences Holdings Corp. 438 1,600 Dimension Therapeutics Inc. 10 1,890 Intellia Therapeutics Inc. 40 24,800 Durect Corp. 30 3,000 Intersect ENT Inc. 39 7,657 Dynavax Technologies Corp. 112 5,500 Intra-Cellular Therapies Inc. 214 1,700 Eagle Pharmaceuticals Inc/DE 66 9,962 Invacare Corp. 121 2,100 Edge Therapeutics Inc. 21 1,800 Invitae Corp. 13 1,500 Editas Medicine Inc. 37 14,284 InVivo Therapeutics Holdings Corp. 83 8,913 Egalet Corp. 44 25,730 Ironwood Pharmaceuticals Inc. 336 5,940 Emergent BioSolutions Inc. 167 3,200 K2M Group Holdings Inc. 50 5,219 Enanta Pharmaceuticals Inc. 115 4,500 Karyopharm Therapeutics Inc. 30 5,230 Endocyte Inc. 17 22,330 Keryx Biopharmaceuticals Inc. 148 13,940 Endologix Inc. 174 18,075 Kindred Healthcare Inc. 204 10,210 Ensign Group Inc. 215 6,500 Kite Pharma Inc. 325 1,000 Entellus Medical Inc. 18 2,900 La Jolla Pharmaceutical Co. 46 8,446 Enzo Biochem Inc. 50 2,982 Landauer Inc. 123 8,020 Epizyme Inc. 82 5,640 Lannett Co. Inc. 134 2,900 Esperion Therapeutics Inc. 29 4,800 LDR Holding Corp. 177 19,450 Exact Sciences Corp. 238 2,100 LeMaitre Vascular Inc. 30 1,810 Exactech Inc. 48 8,455 Lexicon Pharmaceuticals Inc. 121 7,960 ExamWorks Group Inc. 277 2,330 LHC Group Inc. 101 9,400 FibroGen Inc. 154 3,383 Ligand Pharmaceuticals Inc. 403 4,800 Five Prime Therapeutics Inc. 198 15,954 Lion Biotechnologies Inc. 129 1,400 Flex Pharma Inc. 14 6,955 Lipocine Inc. 21 2,800 Flexion Therapeutics Inc. 42 1,800 Loxo Oncology Inc. 42 10,156 Fluidigm Corp. 92 8,040 Luminex Corp. 163 2,400 Foundation Medicine Inc. 45 6,400 MacroGenics Inc. 173 36,980 Galena Biopharma Inc. 17 4,840 Magellan Health Inc. 318 13,125 GenMark Diagnostics Inc. 114 49,940 MannKind Corp. 58 3,510 Genomic Health Inc. 91 8,460 Masimo Corp. 444 35,872 Geron Corp. 96 15,227 Medgenics Inc. 85 1,300 Glaukos Corp. 38 13,250 Medicines Co. 446 1,400 Global Blood Therapeutics Inc. 23 7,033 MediciNova Inc. 53 13,170 Globus Medical Inc. 314 10,738 Medidata Solutions Inc. 503 10,042 Haemonetics Corp. 291 10,394 Meridian Bioscience Inc. 203 27,571 Halozyme Therapeutics Inc. 238 9,005 Merit Medical Systems Inc. 179 8,900 Halyard Health Inc. 289 24,820 Merrimack Pharmaceuticals Inc. 134 7,400 HealthEquity Inc. 225 22,270 MiMedx Group Inc. 178 18,160 HealthSouth Corp. 705 4,630 Minerva Neurosciences Inc. 47 5,580 Healthways Inc. 64 2,550 Mirati Therapeutics Inc. 14 3,540 HeartWare International Inc. 204 7,495 Molina Healthcare Inc. 374 9,157 Heron Therapeutics Inc. 165 16,928 Momenta Pharmaceuticals Inc. 183 1,300 Heska Corp. 48 1,700 MyoKardia Inc. 21 16,000 HMS Holdings Corp. 282 13,400 Myriad Genetics Inc. 410 31,965 Horizon Pharma Plc 526 2,800 NanoString Technologies Inc. 35 2,692 ICU Medical Inc. 304 1,900 NantKwest Inc. 12 17,675 Idera Pharmaceuticals Inc. 27 2,500 Natera Inc. 30 4,500 Ignyta Inc. 24 2,130 National HealthCare Corp. 138 2,400 Immune Design Corp. 20 1,710 National Research Corp. 23 32,311 ImmunoGen Inc. 100 6,220 Natus Medical Inc. 235 40,440 Immunomedics Inc. 94 25,375 Nektar Therapeutics 361 13,910 Impax Laboratories Inc. 401 7,185 Neogen Corp. 404 1,569 Imprivata Inc. 22 9,400 NeoGenomics Inc. 76 2,600 INC Research Holdings Inc. 99 1,300 Neos Therapeutics Inc. 12 38,462 Infinity Pharmaceuticals Inc. 51 3,200 Nevro Corp. 236 17,600 Innoviva Inc. 185 9,929 NewLink Genetics Corp. 112 2,900 Inogen Inc. 145 53,300 Novavax Inc. 387 6,571 Inotek Pharmaceuticals Corp. 49 1,600 Novocure Ltd 19 9,180 NuVasive Inc. 548 12,120 NxStage Medical Inc. 263

64 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Health Care (continued) Health Care (continued) 8,320 Omeros Corp. $ 88 4,449 SurModics Inc. $ 104 7,090 Omnicell Inc. 243 4,341 Syndax Pharmaceuticals Inc. 43 3,400 OncoMed Pharmaceuticals Inc. 42 24,240 Synergy Pharmaceuticals Inc. 92 4,600 Ophthotech Corp. 235 28,410 Synthetic Biologics Inc. 51 17,483 OraSure Technologies Inc. 103 1,600 T2 Biosystems Inc. 13 33,893 Organovo Holdings Inc. 126 3,100 Tandem Diabetes Care Inc. 23 3,780 Orthofix International NV 160 13,680 Team Health Holdings Inc. 556 3,790 Osiris Therapeutics Inc. 19 1,800 Teladoc Inc. 29 3,700 Otonomy Inc. 59 9,200 Teligent Inc. 66 14,689 OvaScience Inc. 77 4,620 TESARO Inc. 388 12,250 Owens & Minor Inc. 458 20,425 Tetraphase Pharmaceuticals Inc. 88 9,010 Oxford Immunotec Global PLC 81 7,760 TG Therapeutics Inc. 47 13,900 Pacific Biosciences of California Inc. 98 30,295 TherapeuticsMD Inc. 258 7,340 Pacira Pharmaceuticals Inc/DE 248 5,700 Theravance Biopharma Inc. 129 2,900 Paratek Pharmaceuticals Inc. 40 2,044 Tobira Therapeutics Inc. 26 10,710 PAREXEL International Corp. 673 2,200 Tokai Pharmaceuticals Inc. 12 34,930 PDL BioPharma Inc. 110 7,300 Trevena Inc. 46 900 Penumbra Inc. 54 3,940 Triple-S Management Corp. 96 3,300 Pfenex Inc. 28 17,017 Trovagene Inc. 77 7,704 PharMerica Corp. 190 7,606 Ultragenyx Pharmaceutical Inc. 372 4,500 Phibro Animal Health Corp. 84 8,960 Universal American Corp. 68 9,890 Portola Pharmaceuticals Inc. 233 2,625 US Physical Therapy Inc. 158 3,900 PRA Health Sciences Inc. 163 1,459 Utah Medical Products Inc. 92 1,900 Press Ganey Holdings Inc. 75 12,546 Vanda Pharmaceuticals Inc. 140 10,360 Prestige Brands Holdings Inc. 574 3,580 Vascular Solutions Inc. 149 24,141 Progenics Pharmaceuticals Inc. 102 3,100 Veracyte Inc. 16 6,760 Prothena Corp. PLC 236 4,500 Versartis Inc. 50 2,570 Providence Service Corp. 115 12,532 ViewRay Inc. 51 13,943 PTC Therapeutics Inc. 98 3,700 Vitae Pharmaceuticals Inc. 40 4,878 Puma Biotechnology Inc. 145 12,433 Vital Therapies Inc. 77 9,340 Quality Systems Inc. 111 1,400 Voyager Therapeutics Inc. 15 5,040 Quidel Corp. 90 3,500 vTv Therapeutics Inc. 20 10,182 Quorum Health Corp. 109 2,412 WaVe Life Sciences Ltd 50 6,800 Radius Health Inc. 250 7,130 WebMD Health Corp. 414 6,100 RadNet Inc. 33 20,203 Wright Medical Group NV 351 26,848 Raptor Pharmaceutical Corp. 144 1,600 XBiotech Inc. 33 2,497 Reata Pharmaceuticals Inc. 49 10,176 Xencor Inc. 193 1,800 REGENXBIO Inc. 14 19,783 XenoPort Inc. 139 5,790 Regulus Therapeutics Inc. 17 12,562 Zafgen Inc. 75 7,200 Relypsa Inc. 133 6,070 Zeltiq Aesthetics Inc. 166 6,600 Repligen Corp. 181 31,512 ZIOPHARM Oncology Inc. 157 7,400 Retrophin Inc. 132 6,871 Zogenix Inc. 55 3,670 Revance Therapeutics Inc. 50 42,354 38,403 Rigel Pharmaceuticals Inc. 86 15,751 Rockwell Medical Inc. 119 Materials & Processing 7.10% 6,120 RTI Surgical Inc. 22 7,497 A Schulman Inc. 183 3,100 Sage Therapeutics Inc. 93 7,967 AAON Inc. 219 4,810 Sagent Pharmaceuticals Inc. 72 7,840 Aceto Corp. 172 15,820 Sangamo BioSciences Inc. 92 6,800 Advanced Drainage Systems Inc. 186 9,340 Sarepta Therapeutics Inc. 178 790 AEP Industries Inc. 64 10,360 SciClone Pharmaceuticals Inc. 135 33,880 AK Steel Holding Corp. 158 13,228 Second Sight Medical Products Inc. 47 20,996 Allegheny Technologies Inc. 268 25,794 Select Medical Holdings Corp. 280 9,380 American Vanguard Corp. 142 1,800 Seres Therapeutics Inc. 52 5,680 Apogee Enterprises Inc. 263 7,600 Sorrento Therapeutics Inc. 43 4,524 Armstrong Flooring Inc. 77 2,100 Spark Therapeutics Inc. 107 15,030 Axiall Corp. 490 8,157 Spectranetics Corp. 153 5,810 Balchem Corp. 347 14,280 Spectrum Pharmaceuticals Inc. 94 11,565 Beacon Roofing Supply Inc. 526 15,817 STAAR Surgical Co. 87 8,270 Belden Inc. 499 10,483 Stemline Therapeutics Inc. 71 7,700 BMC Stock Holdings Inc. 137 4,900 Sucampo Pharmaceuticals Inc. 54 7,170 Boise Cascade Co. 165 7,150 Supernus Pharmaceuticals Inc. 146 9,040 Builders FirstSource Inc. 102 4,433 Surgery Partners Inc. 79

65 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Materials & Processing (continued) Materials & Processing (continued) 4,660 Cabot Microelectronics Corp. $ 197 1,650 Olympic Steel Inc. $ 45 4,608 Caesarstone Ltd 160 500 Omega Flex Inc. 19 9,860 Calgon Carbon Corp. 130 15,773 OMNOVA Solutions Inc. 114 8,900 Carpenter Technology Corp. 293 2,340 Patrick Industries Inc. 141 8,820 Century Aluminum Co. 56 8,490 PGT Inc. 87 1,320 Chase Corp. 78 3,800 Ply Gem Holdings Inc. 55 35,442 Chemours Co. 292 17,440 PolyOne Corp. 615 14,850 Chemtura Corp. 392 2,590 Quaker Chemical Corp. 231 19,622 ChromaDex Corp. 81 6,880 Quanex Building Products Corp. 128 4,312 Clearwater Paper Corp. 282 12,000 Rayonier Advanced Materials Inc. 163 34,400 Cliffs Natural Resources Inc. 195 4,500 RBC Bearings Inc. 326 25,960 Coeur Mining Inc. 277 19,400 Rexnord Corp. 381 7,210 Comfort Systems USA Inc. 235 2,900 Ryerson Holding Corp. 51 22,410 Commercial Metals Co. 379 5,560 Schnitzer Steel Industries Inc. 98 4,417 CompX International Inc. 51 9,770 Sensient Technologies Corp. 694 7,920 Continental Building Products Inc. 176 8,190 Simpson Manufacturing Co. Inc. 327 3,564 Culp Inc. 98 4,614 Stepan Co. 275 2,832 Deltic Timber Corp. 190 23,550 Stillwater Mining Co. 279 4,804 Dynamic Materials Corp. 52 5,869 Summit Materials Inc. 120 12,520 Ferro Corp. 168 7,200 TimkenSteel Corp. 69 13,290 Ferroglobe PLC 114 4,530 Tredegar Corp. 73 4,350 FutureFuel Corp. 47 5,700 Trex Co Inc. 256 13,716 GCP Applied Technologies Inc. 357 3,300 Trinseo SA 142 5,780 Gibraltar Industries Inc. 182 21,605 Tronox Ltd 95 4,470 Global Brass & Copper Holdings Inc. 122 2,307 UFP Technologies Inc. 52 2,230 GMS Inc. 50 2,656 Unifi Inc. 72 15,338 Gold Resource Corp. 55 400 United States Lime & Minerals Inc. 24 5,800 Greif Inc. Class A 216 10,600 Univar Inc. 200 1,106 Greif Inc. Class B 61 3,860 Universal Forest Products Inc. 358 6,130 Griffon Corp. 103 3,597 US Concrete Inc. 219 520 Handy & Harman Ltd 14 12,090 US Silica Holdings Inc. 417 3,190 Hawkins Inc. 138 1,500 Veritiv Corp. 56 2,220 Haynes International Inc. 71 9,180 Worthington Industries Inc. 388 9,890 HB Fuller Co. 435 22,534 14,050 Headwaters Inc. 252 72,270 Hecla Mining Co. 369 Producer Durables 13.48% 9,772 Ingevity Corp. 333 7,210 AAR Corp. 168 5,130 Innophos Holdings Inc. 217 10,880 ABM Industries Inc. 397 4,810 Innospec Inc. 221 20,620 ACCO Brands Corp. 213 3,900 Installed Building Products Inc. 142 11,440 Actuant Corp. 259 5,350 Insteel Industries Inc. 153 7,830 Advanced Energy Industries Inc. 297 12,680 Interface Inc. 193 7,960 Advisory Board Co. 282 3,270 Kaiser Aluminum Corp. 296 7,400 Aegion Corp. 144 18,650 KapStone Paper and Packaging Corp. 243 4,150 Aerovironment Inc. 115 3,910 KMG Chemicals Inc. 102 13,618 Air Transport Services Group Inc. 176 5,456 Koppers Holdings Inc. 168 12,000 Aircastle Ltd 235 5,950 Kraton Performance Polymers Inc. 166 1,850 Alamo Group Inc. 122 3,700 Kronos Worldwide Inc. 19 5,720 Albany International Corp. 228 9,210 Landec Corp. 99 11,136 ALJ Regional Holdings Inc. 56 1,000 Lawson Products Inc/DE 20 2,483 Allegiant Travel Co. 376 27,500 Louisiana-Pacific Corp. 477 1,100 Allied Motion Technologies Inc. 26 8,025 LSB Industries Inc. 97 5,350 Altra Industrial Motion Corp. 144 3,870 LSI Industries Inc. 43 1,730 American Railcar Industries Inc. 68 5,900 Masonite International Corp. 390 7,820 Applied Industrial Technologies Inc. 353 5,741 Materion Corp. 142 5,360 ArcBest Corp. 87 6,630 Minerals Technologies Inc. 377 3,200 Ardmore Shipping Corp. 22 19,600 MRC Global Inc. 279 2,360 Argan Inc. 98 11,160 Mueller Industries Inc. 356 2,390 Ascent Capital Group Inc. 37 30,200 Mueller Water Products Inc. 345 3,570 Astec Industries Inc. 200 3,500 Multi Packaging Solutions International Ltd 47 6,109 Astronics Corp. 203 7,890 Myers Industries Inc. 114 4,580 Atlas Air Worldwide Holdings Inc. 190 4,830 NCI Building Systems Inc. 77 4,910 AZZ Inc. 295 3,860 Neenah Paper Inc. 279 8,841 Babcock & Wilcox Enterprises Inc. 130 4,900 NN Inc. 69 2,740 Badger Meter Inc. 200 1,740 Nortek Inc. 103 10,490 Barnes Group Inc. 347 890 Oil-Dri Corp of America 31

66 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Producer Durables (continued) Producer Durables (continued) 2,526 Barrett Business Services Inc. $ 104 3,325 Gencor Industries Inc. $ 52 9,250 Brady Corp. 283 3,100 Gener8 Maritime Inc. 20 8,340 Briggs & Stratton Corp. 177 13,040 Generac Holdings Inc. 456 9,510 Brink's Co. 271 8,880 General Cable Corp. 113 6,890 Bristow Group Inc. 79 5,734 Global Sources Ltd 53 1,010 CAI International Inc. 8 3,451 Gorman-Rupp Co. 95 13,511 Casella Waste Systems Inc. 106 4,588 GP Strategies Corp. 100 10,280 CBIZ Inc. 107 4,377 Graham Corp. 81 6,440 CEB Inc. 397 7,540 Granite Construction Inc. 343 3,443 CECO Environmental Corp. 30 7,550 Great Lakes Dredge & Dock Corp. 33 4,910 Celadon Group Inc. 40 5,300 Greenbrier Cos Inc. 154 5,764 Chart Industries Inc. 139 5,680 H&E Equipment Services Inc. 108 3,390 CIRCOR International Inc. 193 4,230 Hackett Group Inc 59 9,560 CLARCOR Inc. 582 14,300 Harsco Corp. 95 6,787 Columbus McKinnon Corp/NY 96 9,220 Hawaiian Holdings Inc. 350 3,700 Control4 Corp. 30 900 HC2 Holdings Inc. 4 19,090 Convergys Corp. 477 13,590 Healthcare Services Group Inc. 562 5,117 Costamare Inc. 39 9,810 Heartland Express Inc. 171 2,100 Covenant Transportation Group Inc. 38 6,115 Heidrick & Struggles International Inc. 103 3,649 CRA International Inc. 92 2,210 Heritage-Crystal Clean Inc. 27 2,788 CSW Industrials Inc. 91 11,170 Herman Miller Inc. 334 5,797 Cubic Corp. 233 2,800 Hill International Inc. 11 8,600 Curtiss-Wright Corp. 725 12,340 Hillenbrand Inc. 371 32,180 Darling Ingredients Inc. 479 8,500 HNI Corp. 395 9,700 Deluxe Corp. 644 6,520 Hub Group Inc. 250 8,000 DHI Group Inc. 50 1,220 Hurco Cos Inc. 34 16,700 DHT Holdings Inc. 84 4,060 Huron Consulting Group Inc. 245 4,500 Dorian LPG Ltd 32 1,789 Hyster-Yale Materials Handling Inc. 106 6,052 Douglas Dynamics Inc. 156 3,930 ICF International Inc. 161 2,750 Ducommun Inc. 54 6,670 InnerWorkings Inc. 55 5,370 DXP Enterprises Inc. 80 3,090 Insperity Inc. 239 5,980 Dycom Industries Inc. 537 7,490 Itron Inc. 323 6,040 Echo Global Logistics Inc. 135 5,440 John Bean Technologies Corp. 333 2,940 Electro Rent Corp. 45 19,069 Joy Global Inc. 403 9,090 Electronics For Imaging Inc. 391 2,290 Kadant Inc. 118 12,130 EMCOR Group Inc. 598 5,100 Kaman Corp. 217 4,200 Encore Wire Corp. 157 5,310 Kelly Services Inc. 101 4,505 Energous Corp. 58 15,279 Kennametal Inc. 338 6,658 Energy Recovery Inc. 59 7,401 Kforce Inc. 125 8,640 EnerSys 514 6,138 Kimball International Inc. 70 3,910 Engility Holdings Inc. 83 10,500 KLX Inc. 326 5,350 Ennis Inc. 103 11,910 Knight Transportation Inc. 317 4,330 EnPro Industries Inc. 192 9,450 Knoll Inc. 229 4,910 ESCO Technologies Inc. 196 10,160 Korn/Ferry International 210 7,400 Essendant Inc. 226 9,375 Kratos Defense & Security Solutions Inc. 38 5,871 Esterline Technologies Corp. 364 6,974 Layne Christensen Co. 56 6,370 ExlService Holdings Inc. 334 2,232 Lindsay Corp. 151 6,778 ExOne Co. 72 10,921 Liquidity Services Inc. 86 4,980 Exponent Inc. 291 4,295 Littelfuse Inc. 508 3,700 FARO Technologies Inc. 125 3,480 Lydall Inc. 134 11,670 Federal Signal Corp. 150 24,594 Manitowoc Co. Inc. 134 2,170 Forrester Research Inc. 80 4,800 Marlin Business Services Corp. 78 6,090 Forward Air Corp. 271 4,290 Marten Transport Ltd 85 9,100 Franklin Electric Co. Inc. 301 14,942 MasTec Inc. 334 2,160 FreightCar America Inc. 30 8,230 Matson Inc. 266 8,838 Frontline Ltd/Bermuda 70 12,580 MAXIMUS Inc. 697 7,960 FTI Consulting Inc. 324 9,329 Maxwell Technologies Inc. 49 3,800 G&K Services Inc. 291 4,750 McGrath RentCorp 145 7,520 GasLog Ltd 98 440 Mesa Laboratories Inc. 54 7,910 GATX Corp. 348 2,700 Milacron Holdings Corp. 39

67 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Producer Durables (continued) Producer Durables (continued) 2,200 Miller Industries Inc/TN $ 45 7,750 Titan International Inc. $ 48 3,650 Mistras Group Inc. 87 3,120 Titan Machinery Inc. 35 8,740 Mobile Mini Inc. 303 7,452 TopBuild Corp. 270 9,160 Modine Manufacturing Co. 81 3,000 TRC Cos Inc. 19 10,360 Monster Worldwide Inc. 25 8,419 TriMas Corp. 152 7,360 Moog Inc. 397 7,700 TriNet Group Inc. 160 5,690 MSA Safety Inc. 299 9,914 Triumph Group Inc. 352 2,850 MTS Systems Corp. 125 8,120 TrueBlue Inc. 154 2,410 Multi-Color Corp. 153 6,380 Tutor Perini Corp. 150 3,090 MYR Group Inc. 74 2,827 UniFirst Corp/MA 327 818 NACCO Industries Inc. 46 1,500 Universal Logistics Holdings Inc. 19 9,020 Navigant Consulting Inc. 146 4,370 US Ecology Inc. 201 14,700 Navios Maritime Acquisition Corp. 23 1,700 USA Truck Inc. 30 6,407 Neff Corp. 70 3,763 Vectrus Inc. 107 17,110 Nordic American Tankers Ltd 238 2,920 Vicor Corp. 29 900 NV5 Global Inc. 26 4,200 Virgin America Inc. 236 10,050 On Assignment Inc. 371 5,883 Vishay Precision Group Inc. 79 14,099 Orion Group Holdings Inc. 75 1,539 VSE Corp. 103 3,780 OSI Systems Inc. 220 12,910 Wabash National Corp. 164 6,991 Overseas Shipholding Group Inc. 77 6,900 WageWorks Inc. 413 1,570 Park-Ohio Holdings Corp. 44 5,240 Watts Water Technologies Inc. 305 3,200 Paylocity Holding Corp. 138 8,550 Werner Enterprises Inc. 196 2,100 PFSweb Inc. 20 12,630 Wesco Aircraft Holdings Inc. 169 8,980 PHH Corp. 120 11,690 Woodward Inc. 674 4,922 PHI Inc. 88 7,236 Workhorse Group Inc. 50 22,100 Plug Power Inc. 41 13,354 XPO Logistics Inc. 381 1,680 Powell Industries Inc. 66 5,820 YRC Worldwide Inc. 51 530 Preformed Line Products Co. 21 42,760 7,920 Primoris Services Corp. 150 4,430 Proto Labs Inc. 255 Technology 14.30% 5,310 Quad/Graphics Inc. 124 20,749 3D Systems Corp. 284 4,800 Radiant Logistics Inc. 14 6,100 A10 Networks Inc. 39 7,740 Raven Industries Inc. 147 1,281 Acacia Communications Inc. 51 10,350 Resources Connection Inc. 153 5,760 Acacia Research Corp. 25 5,110 Roadrunner Transportation Systems Inc. 38 22,544 ACI Worldwide Inc. 440 9,230 RPX Corp. 85 12,573 Actua Corp. 114 2,313 Rush Enterprises Inc. 48 15,520 Acxiom Corp. 341 6,700 Rush Enterprises Inc. CL A 144 9,620 ADTRAN Inc. 179 4,870 Saia Inc. 122 120,800 Advanced Micro Devices Inc. 621 8,508 Scorpio Bulkers Inc. 24 4,200 Aerohive Networks Inc. 28 34,520 Scorpio Tankers Inc. 145 2,709 Agilysys Inc. 28 6,720 ServiceSource International Inc. 27 1,500 Alarm.com Holdings Inc. 38 12,061 Ship Finance International Ltd 178 2,750 Alpha & Omega Semiconductor Ltd 38 10,010 SkyWest Inc. 265 6,048 Ambarella Inc. 307 2,998 SP Plus Corp. 68 3,100 Amber Road Inc. 24 7,924 Spartan Motors Inc. 50 2,683 American Science & Engineering Inc. 100 8,037 SPX Corp. 119 9,255 American Software Inc/GA 97 6,827 SPX FLOW Inc. 178 17,520 Amkor Technology Inc. 101 2,400 Standex International Corp. 198 5,525 Anixter International Inc. 294 15,810 Steelcase Inc. 215 1,000 Appfolio Inc. 14 4,285 Sun Hydraulics Corp. 127 14,745 Applied Micro Circuits Corp. 95 3,737 Supreme Industries Inc. 51 3,100 Applied Optoelectronics Inc. 35 15,850 Swift Transportation Co. 244 19,676 ARC Document Solutions Inc. 77 7,733 Sykes Enterprises Inc. 224 16,270 Aspen Technology Inc. 655 5,970 TAL International Group Inc. 80 7,400 AVG Technologies NV 141 11,170 TASER International Inc. 278 13,737 Avid Technology Inc. 80 5,801 Team Inc. 144 9,500 AVX Corp. 129 8,496 Teekay Corp. 61 14,550 Axcelis Technologies Inc. Com New 39 17,330 Teekay Tankers Ltd 52 12,460 Bankrate Inc, 93 6,830 Teledyne Technologies Inc. 677 1,500 Barracuda Networks Inc. 23 2,970 TeleTech Holdings Inc. 81 6,330 Bazaarvoice Inc. 25 3,450 Tennant Co. 186 4,406 Bel Fuse Inc. 78 11,480 Tetra Tech Inc. 353 9,320 Benchmark Electronics Inc. 197 3,960 Textainer Group Holdings Ltd 44 1,400 Benefitfocus Inc. 53 5,740 Thermon Group Holdings Inc. 110 6,388 Black Box Corp. 84 8,500 Tidewater Inc. 37 8,960 Blackbaud Inc. 608

68 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Technology (continued) Technology (continued) 12,406 Blucora Inc. $ 129 10,310 Harmonic Inc. $ 29 7,840 Bottomline Technologies de Inc. 169 1,400 Hortonworks Inc. 15 2,300 Box Inc. 24 3,900 HubSpot Inc. 169 11,481 Brightcove Inc. 101 10,340 II-VI Inc. 194 5,630 BroadSoft Inc. 231 11,276 Immersion Corp. 83 12,600 Brooks Automation Inc. 141 4,930 Imperva Inc. 212 4,712 CACI International Inc. 426 25,900 Infinera Corp. 292 6,770 CalAmp Corp. 100 12,140 Infoblox Inc. 228 14,857 Calix Inc. 103 7,630 Inphi Corp. 244 10,680 Callidus Software Inc. 213 7,000 Insight Enterprises Inc. 182 3,180 Carbonite Inc. 31 26,160 Integrated Device Technology Inc. 527 10,700 Cavium Inc. 413 3,170 Interactive Intelligence Group Inc. 130 4,330 CEVA Inc. 118 6,820 InterDigital Inc/PA 380 3,850 ChannelAdvisor Corp. 56 25,110 Intersil Corp. 340 23,700 Ciena Corp. 444 7,150 Intralinks Holdings Inc. 46 12,260 Cirrus Logic Inc. 476 13,210 InvenSense Inc. 81 2,000 Clearfield Inc. 36 5,180 iRobot Corp. 182 4,580 Coherent Inc. 420 10,650 Ixia 105 8,995 Cohu Inc. 98 9,059 IXYS Corp. 93 8,750 CommVault Systems Inc. 378 4,400 Jive Software Inc. 17 9,406 comScore Inc. 225 5,970 KEYW Holding Corp. 59 6,636 Comtech Telecommunications Corp. 85 9,163 Kimball Electronics Inc. 114 10,260 Cornerstone OnDemand Inc. 390 16,900 Knowles Corp. 231 8,000 Cray Inc. 239 5,260 Kopin Corp. 12 6,430 CSG Systems International Inc. 259 8,598 KVH Industries Inc. 66 6,060 CTS Corp. 109 21,350 Lattice Semiconductor Corp. 114 4,400 Cvent Inc. 157 10,950 Limelight Networks Inc. 16 14,634 Daktronics Inc. 91 23,331 Lionbridge Technologies Inc. 92 9,786 Datalink Corp. 73 17,424 LivePerson Inc. 110 6,390 Demandware Inc. 479 4,680 LogMeIn Inc. 297 12,600 Diebold Inc. 313 2,360 Loral Space & Communications Inc. 83 8,982 Digi International Inc. 96 9,770 Lumentum Holdings Inc. 236 2,962 Digimarc Corp. 95 4,435 MACOM Technology Solutions Holdings Inc. 146 12,234 DigitalGlobe Inc. 262 9,579 Majesco 51 7,040 Diodes Inc. 132 4,580 ManTech International Corp/VA 173 8,862 DSP Group Inc. 94 6,440 Marketo Inc. 224 3,232 DTS Inc/CA 85 9,642 MaxLinear Inc. 173 20,980 EarthLink Holdings Corp. 134 10,374 MeetMe Inc. 55 5,058 Ebix Inc. 242 17,510 Mentor Graphics Corp. 372 8,117 Electro Scientific Industries Inc. 47 7,660 Mercury Systems Inc. 190 5,680 Ellie Mae Inc. 521 7,380 Methode Electronics Inc. 253 1,800 EMCORE Corp. 11 20,531 Microsemi Corp. 671 12,000 Endurance International Group Holdings Inc. 108 1,700 MicroStrategy Inc. 298 27,092 Entegris Inc. 392 1,300 MINDBODY Inc. 21 7,724 Envestnet Inc. 257 6,859 Mitek Systems Inc. 49 9,270 EPAM Systems Inc. 596 10,040 MKS Instruments Inc. 432 6,930 Epiq Systems Inc. 101 2,100 MobileIron Inc. 6 1,070 ePlus Inc. 88 3,700 Model N Inc. 49 3,800 Everyday Health Inc. 30 7,620 Monolithic Power Systems Inc. 521 2,400 Evolent Health Inc. 46 8,220 Monotype Imaging Holdings Inc. 202 3,572 Exa Corp. 52 1,600 Multi-Fineline Electronix Inc. 37 13,163 Exar Corp. 106 6,755 Nanometrics Inc. 140 31,937 Extreme Networks Inc. 108 3,889 NCI Inc. 55 6,800 Fabrinet 252 10,797 NeoPhotonics Corp. 103 22,500 Fairchild Semiconductor International Inc. 447 6,280 NETGEAR Inc. 299 19,790 Finisar Corp. 347 17,540 NetScout Systems Inc. 390 4,200 Five9 Inc. 50 10,900 NeuStar Inc. 256 7,440 Fleetmatics Group PLC 322 1,000 New Relic Inc. 29 13,621 FormFactor Inc. 122 12,563 NIC Inc. 276 5,100 Gigamon Inc. 191 10,500 Nimble Storage Inc. 84 8,320 Global Eagle Entertainment Inc. 55 7,300 Novanta Inc. 111 3,200 Globant SA 126 590 NVE Corp. 35 42,611 Glu Mobile Inc. 94 27,641 Oclaro Inc. 135 14,300 GrubHub Inc. 444 1,900 Park City Group Inc. 17 5,250 GTT Communications Inc. 97 2,760 Park Electrochemical Corp. 40 3,430 Guidance Software Inc. 21 6,300 Paycom Software Inc. 272

69 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Common Stocks (continued) Value (000's) Technology (continued) Technology (continued) 1,910 PC Connection Inc. $ 45 2,880 Ultra Clean Holdings Inc. $ 16 8,270 PDF Solutions Inc. 116 5,670 Ultratech Inc. 130 4,663 pdvWireless Inc. 100 10,230 Unisys Corp. 74 6,722 Pegasystems Inc. 181 7,150 United Online Inc. 79 6,650 Perficient Inc. 135 7,630 Universal Display Corp. 517 13,187 Photronics Inc. 117 12,166 USA Technologies Inc. 52 6,350 Plantronics Inc. 279 1,600 Varonis Systems Inc. 38 6,480 Plexus Corp. 280 5,316 VASCO Data Security International Inc. 87 26,900 Polycom Inc. 303 8,110 Veeco Instruments Inc. 134 5,730 Power Integrations Inc. 287 12,072 Verint Systems Inc. 400 9,775 Progress Software Corp. 268 8,250 ViaSat Inc. 589 7,860 Proofpoint Inc. 496 45,371 Viavi Solutions Inc. 301 4,300 PROS Holdings Inc. 75 19,868 VirnetX Holding Corp. 79 5,300 Pure Storage Inc. 58 5,587 Virtusa Corp. 161 4,100 Q2 Holdings Inc. 115 26,300 Vishay Intertechnology Inc. 326 1,862 QAD Inc. 36 5,710 Vocera Communications Inc. 73 17,770 Qlik Technologies Inc. 526 10,953 Web.com Group Inc. 199 16,210 QLogic Corp. 239 1,300 Workiva Inc. 18 4,650 Qualys Inc. 139 1,600 Xactly Corp. 20 10,081 Radisys Corp. 45 17,698 Xcerra Corp. 102 22,130 Rambus Inc. 267 4,240 Xura Inc. 104 1,500 Rapid7 Inc. 19 10,800 Zendesk Inc. 285 15,642 RealNetworks Inc. 67 22,860 Zix Corp. 86 10,220 RealPage Inc. 228 45,358 3,540 Reis Inc. 88 4,800 RetailMeNot Inc. 37 Utilities 5.51% 10,300 RingCentral Inc. 203 16,750 8x8 Inc. 245 5,280 Rofin-Sinar Technologies Inc. 169 9,370 ALLETE Inc. 606 3,590 Rogers Corp. 219 7,180 American States Water Co. 315 15,900 Rovi Corp. 249 2,967 Artesian Resources Corp. 101 5,500 Rubicon Project Inc. 75 15,010 Atlantic Power Corp. 37 6,780 Rudolph Technologies Inc. 105 9,600 Atlantica Yield plc 178 14,030 Sanmina Corp. 376 1,980 ATN International Inc. 154 4,270 Sapiens International Corp. NV 50 12,040 Avista Corp. 539 5,200 ScanSource Inc. 193 9,730 Black Hills Corp. 613 8,700 Science Applications International Corp. 508 6,600 Boingo Wireless Inc. 59 7,782 SciQuest Inc. 137 9,360 California Water Service Group 327 3,870 SecureWorks Corp. 55 2,850 Chesapeake Utilities Corp. 189 12,780 Semtech Corp. 305 42,170 Cincinnati Bell Inc. 193 10,840 ShoreTel Inc. 73 8,860 Cogent Communications Holdings Inc. 355 13,774 Sigma Designs Inc. 89 2,010 Connecticut Water Service Inc. 113 1,665 Silicom Ltd 50 9,757 Consolidated Communications Holdings Inc. 266 15,831 Silicon Graphics International Corp. 80 6,363 Consolidated Water Co. Ltd 83 8,100 Silicon Laboratories Inc. 395 2,093 Delta Natural Gas Co. Inc. 56 6,320 Silver Spring Networks Inc. 77 22,670 Dynegy Inc. 391 10,724 Sonus Networks Inc. 93 7,720 El Paso Electric Co. 365 4,176 Sparton Corp. 91 8,430 Empire District Electric Co. 286 3,120 SPS Commerce Inc. 189 3,740 FairPoint Communications Inc. 55 9,800 Stratasys Ltd 224 5,440 General Communication Inc. 86 6,920 Super Micro Computer Inc. 172 2,200 Genie Energy Ltd 15 7,140 Synaptics Inc. 384 6,282 Global Water Resources Inc. 55 7,755 Synchronoss Technologies Inc. 247 82,600 Globalstar Inc. 100 5,570 SYNNEX Corp. 528 11,000 Gogo Inc. 92 5,925 Syntel Inc. 268 2,110 Hawaiian Telcom Holdco Inc. 45 16,060 Take-Two Interactive Software Inc. 609 9,555 IDACORP Inc. 777 13,144 Tangoe Inc. 101 2,950 IDT Corp. 42 7,100 Tech Data Corp. 510 12,610 inContact Inc. 175 3,500 TechTarget Inc. 28 6,850 Inteliquent Inc. 136 1,960 Telenav Inc. 10 5,000 Intelsat SA 13 9,290 Tessera Technologies Inc. 285 17,130 Iridium Communications Inc. 152 8,800 TrueCar Inc. 69 9,140 j2 Global Inc. 577 12,836 TTM Technologies Inc. 97 4,060 Lumos Networks Corp. 49 5,480 Ubiquiti Networks Inc. 212 6,695 MGE Energy Inc. 378

70 CATHOLIC UNITED INVESTMENT TRUST SCHEDULE OF INVESTMENTS SMALL CAPITALIZATION EQUITY INDEX FUND JUNE 30, 2016

Shares Fair Shares Fair Common Stocks (continued) Value (000's) Value (000's) Utilities (continued) 2,940 Middlesex Water Co. $ 128 1,824,147 Short-Term Investments 0.58% 16,720 New Jersey Resources Corp. 645 Dreyfus Government Cash Management Fund $ 1,824 15,016 NII Holdings Inc. 48 (Cost $1,824,147) 5,212 Northwest Natural Gas Co. 338 8,910 NorthWestern Corp. 562 TOTAL INVESTMENTS 100.39% 318,497 6,200 NRG Yield Inc.. CL A 94 (Cost $268,212,134) 12,500 NRG Yield Inc. CL C 195 9,900 ONE Gas Inc. 659 Liabilities Less, Other Assets -0.39% (1,231) 9,910 ORBCOMM Inc. 99 6,910 Ormat Technologies Inc. 302 TOTAL NET ASSETS 100.00% $ 317,266 7,020 Otter Tail Corp. 235 10,775 Pattern Energy Group Inc. 248 15,300 PNM Resources Inc. 542 16,880 Portland General Electric Co. 745 9,312 Shenandoah Telecommunications Co. 364 4,605 SJW Corp. 181 13,260 South Jersey Industries Inc. 419 8,920 Southwest Gas Corp. 702 600 Spark Energy Inc. 20 8,480 Spire Inc. 601 3,930 Spok Holdings Inc. 75 1,700 Straight Path Communications Inc. 47 15,800 Talen Energy Corp. 214 2,130 Unitil Corp. 91 35,730 Vonage Holdings Corp. 218 9,970 West Corp. 196 9,660 WGL Holdings Inc. 684 18,300 Windstream Holdings Inc. 170 2,450 York Water Co. 78 4,790 Integer Holdings Corp. 148 10,890 PH Glatfelter Co. 213 17,479

TOTAL COMMON STOCKS 99.81% 316,673 (Cost $266,387,147)

71 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS PERIODS ENDED JUNE 30, 2016 AND DECEMBER 31, 2015 (AMOUNTS IN THOUSANDS)

Money Market Fund Short Bond Fund Intermediate Diversified Bond Fund Opportunistic Bond Fund Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended

6/30/2016 12/31/2015 6/30/2016 12/31/2015 6/30/2016 12/31/2015 6/30/2016 12/31/2015

INVESTMENT INCOME: Interest income $ 192 $ 182 $ 3,468 $ 6,755 $ 15,554 $ 28,682 $ 3,637 $ 7,170 Dividend income ------Total investment income 192 182 3,468 6,755 15,554 28,682 3,637 7,170

EXPENSES: Investment advisory and administrative fees: Class A 84 178 520 988 371 977 171 405 Class B - - - - 1,807 3,288 550 1,014 Other expenses 31 59 63 108 216 363 53 213 Gross expenses 115 237 583 1,096 2,394 4,628 774 1,632 Fee expense waiver (1) (66) ------Net expenses 114 171 583 1,096 2,394 4,628 774 1,632 Net investment income 78 11 2,885 5,659 13,160 24,054 2,863 5,538

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) on investments, futures contracts and foreign currency transactions 1 - (850) (16) 3,630 14,450 1,332 1,090

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts - - 4,215 (3,034) 47,998 (40,498) 5,540 (2,512) Forward foreign currency contracts and foreign currency transactions ------

Net realized and unrealized gain (loss) 1 - 3,365 (3,050) 51,628 (26,048) 6,872 (1,422)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 79 $ 11 $ 6,250 $ 2,609 $ 64,788 $ (1,994) $ 9,735 $ 4,116

See notes to financial statements. 72 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS PERIODS ENDED JUNE 30, 2016 AND DECEMBER 31, 2015 (AMOUNTS IN THOUSANDS)

Balanced Fund Value Equity Fund Core Equity Index Fund Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended

6/30/2016 12/31/2015 6/30/2016 12/31/2015 6/30/2016 12/31/2015

INVESTMENT INCOME: Interest income $ 1,148 $ 2,475 $ 72 $ 60 $ 48 $ 59 Dividend income 1,511 2,514 4,877 7,570 14,653 27,619 Total investment income 2,659 4,989 4,949 7,630 14,701 27,678

EXPENSES: Investment advisory and administrative fees Class A 825 1,860 666 1,679 210 438 Class B - - 765 1,613 928 1,837 Other expenses 104 190 90 157 243 389 Gross expenses 929 2,050 1,521 3,449 1,381 2,664 Fee expense waiver ------Net expenses 929 2,050 1,521 3,449 1,381 2,664 Net investment income 1,730 2,939 3,428 4,181 13,320 25,014

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain on investments, futures contracts and foreign currency transactions 9,579 14,919 13,421 25,371 36,951 79,217

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts (5,564) (22,684) (26,927) (43,562) (9,166) (97,654) Forward foreign currency contracts and foreign currency transactions ------

Net realized and unrealized gain (loss) 4,015 (7,765) (13,506) (18,191) 27,785 (18,437)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 5,745 $ (4,826) $ (10,078) $ (14,010) $ 41,105 $ 6,577

See notes to financial statements. 73 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF OPERATIONS PERIODS ENDED JUNE 30, 2016 AND DECEMBER 31, 2015 (AMOUNTS IN THOUSANDS)

Growth Fund International Equity Fund Small Capitalization Equity Index Fund Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended

6/30/2016 12/31/2015 6/30/2016 12/31/2015 6/30/2016 12/31/2015

INVESTMENT INCOME: Interest income $ 9 $ 6 $ 181 $ 84 $ 287 $ 588 Dividend income 2,514 4,695 9,310 13,861 2,545 4,979 Total investment income 2,523 4,701 9,491 13,945 2,832 5,567

EXPENSES: Investment advisory and administrative fees: Class A 684 1,654 1,092 2,326 237 512 Class B 693 1,329 1,734 3,374 208 456 Other expenses 98 178 246 458 74 141 Gross expenses 1,475 3,161 3,072 6,158 519 1,109 Fee expense waiver ------Net expenses 1,475 3,161 3,072 6,158 519 1,109 Net investment income 1,048 1,540 6,419 7,787 2,313 4,458

NET REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain on investments, futures contracts and foreign currency transactions 19,447 31,119 (8,681) 1,383 8,724 22,701

Change in net unrealized appreciation or (depreciation) on: Investments and futures contracts (17,904) (15,524) (10,337) (24,717) (4,347) (42,006) Forward foreign currency contracts and foreign currency transactions ------

Net realized and unrealized gain (loss) 1,543 15,595 (19,018) (23,334) 4,377 (19,305)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 2,591 $ 17,135 $ (12,599) $ (15,547) $ 6,690 $ (14,847)

See notes to financial statements. 74 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS PERIODS ENDED JUNE 30, 2016 AND DECEMBER 31, 2015 (AMOUNTS IN THOUSANDS)

Money Market Fund Short Bond Fund Intermediate Diversified Bond Fund Opportunistic Bond Fund

Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended 6/30/2016 12/31/2015 6/30/2016 12/31/2015 6/30/2016 12/31/2015 6/30/2016 12/31/2015 OPERATIONS: Net investment income $ 78 $ 11 $ 2,885 $ 5,659 $ 13,160 $ 24,054 $ 2,863 $ 5,538 Net realized gain (loss) 1 - (850) (16) 3,631 14,451 1,332 1,090 Change in net unrealized appreciation or (depreciation) - - 4,215 (3,034) 47,998 (40,498) 5,540 (2,512)

Net increase (decrease) in net assets resulting from operations 79 11 6,250 2,609 64,789 (1,993) 9,735 4,116

Distributions to participants from net investment income (78) (11) (2,885) (5,659) (13,160) (24,054) (2,863) (5,538)

TRUST UNIT TRANSACTIONS: Proceeds from the sale of trust units 77,472 131,071 43,365 93,682 62,012 366,290 46,629 103,045 Trust units redeemed (67,161) (117,672) (42,522) (78,912) (75,497) (211,536) (17,988) (85,972) Units issued in reinvestment of dividends 77 8 2,819 5,578 12,548 22,783 2,761 5,270

Net increase (decrease) in net assets resulting from trust unit transactions 10,388 13,407 3,662 20,348 (937) 177,537 31,402 22,343

Net increase (decrease) in net assets 10,389 13,407 7,027 17,298 50,692 151,490 38,274 20,921

NET ASSETS AT BEGINNING OF PERIOD 74,717 61,310 332,903 315,605 1,168,041 1,016,551 376,287 355,366

NET ASSETS AT END OF PERIOD $ 85,106 $ 74,717 $ 339,930 $ 332,903 $ 1,218,733 $ 1,168,041 $ 414,561 $ 376,287

TRUST UNIT ACTIVITY: Trust units at beginning of period 74,722 61,315 30,171 28,345 85,896 73,150 38,126 35,878 Sale of trust units 77,475 131,071 3,914 8,412 4,451 26,312 4,663 10,360 Trust units redeemed (67,164) (117,672) (3,828) (7,088) (5,417) (15,211) (1,803) (8,642) Units issued in reinvestment of dividends 77 8 254 502 901 1,645 277 530

TRUST UNITS AT END OF PERIOD 85,110 74,722 30,511 30,171 85,831 85,896 41,263 38,126

See notes to financial statements 75 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS PERIODS ENDED JUNE 30, 2016 AND DECEMBER 31, 2015 (AMOUNTS IN THOUSANDS)

Balanced Fund Value Equity Fund Core Equity Index Fund

Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended 6/30/2016 12/31/2015 6/30/2016 12/31/2015 6/30/2016 12/31/2015 OPERATIONS: Net investment income $ 1,730 $ 2,939 $ 3,428 $ 4,181 $ 13,320 $ 25,014 Net realized gain (loss) 9,579 14,919 13,421 25,371 36,951 79,217 Change in net unrealized appreciation or (depreciation) (5,564) (22,684) (26,927) (43,562) (9,166) (97,654)

Net increase (decrease) in net assets resulting from operations 5,745 (4,826) (10,078) (14,010) 41,105 6,577

Distributions to participants from net investment income (1,730) (2,939) (3,428) (4,181) (13,320) (25,014)

TRUST UNIT TRANSACTIONS: Proceeds from the sale of trust units 39,070 19,409 12,514 67,354 117,549 172,163 Trust units redeemed (41,357) (60,213) (61,638) (79,418) (62,061) (157,343) Units issued in reinvestment of dividends 1,694 2,873 3,328 4,058 13,018 24,329

Net increase (decrease) in net assets resulting from trust unit transactions (593) (37,931) (45,796) (8,006) 68,506 39,149

Net increase (decrease) in net assets 3,422 (45,696) (59,302) (26,197) 96,291 20,712

NET ASSETS AT BEGINNING OF PERIOD 198,417 244,113 401,774 427,971 1,370,077 1,349,365

NET ASSETS AT END OF PERIOD $ 201,839 $ 198,417 $ 342,472 $ 401,774 $ 1,466,368 $ 1,370,077

TRUST UNIT ACTIVITY: Trust units at beginning of period 2,766 3,281 7,634 7,774 29,487 28,634 Sale of trust units 543 264 253 1,209 2,510 3,647 Trust units redeemed (569) (819) (1,197) (1,425) (1,343) (3,322) Units issued in reinvestment of dividends 23 40 65 76 277 528

TRUST UNITS AT END OF PERIOD 2,763 2,766 6,755 7,634 30,931 29,487

See notes to financial statements 76 CATHOLIC UNITED INVESTMENT TRUST STATEMENTS OF CHANGES IN NET ASSETS PERIODS ENDED JUNE 30, 2016 AND DECEMBER 31, 2015 (AMOUNTS IN THOUSANDS)

Growth Fund International Equity Fund Small Capitalization Equity Index Fund

Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended 6/30/2016 12/31/2015 6/30/2016 12/31/2015 6/30/2016 12/31/2015 OPERATIONS: Net investment income $ 1,048 $ 1,540 $ 6,419 $ 7,787 $ 2,313 $ 4,458 Net realized gain (loss) 19,447 31,119 (8,681) 1,383 8,724 22,701 Change in net unrealized appreciation or (depreciation) (17,904) (15,524) (10,337) (24,717) (4,347) (42,006)

Net increase (decrease) in net assets resulting from operations 2,591 17,135 (12,599) (15,547) 6,690 (14,847)

Distributions to participants from net investment income ------

TRUST UNIT TRANSACTIONS: Proceeds from the sale of trust units 8,527 51,959 105,412 92,741 13,720 30,837 Trust units redeemed (26,693) (79,090) (12,177) (41,315) (17,406) (36,749) Units issued in reinvestment of dividends ------

Net increase (decrease) in net assets resulting from trust unit transactions (18,166) (27,131) 93,235 51,426 (3,686) (5,912)

Net increase (decrease) in net assets (15,575) (9,996) 80,636 35,879 3,004 (20,759)

NET ASSETS AT BEGINNING OF PERIOD 309,210 319,206 541,436 505,557 314,262 335,021

NET ASSETS AT END OF PERIOD $ 293,635 $ 309,210 $ 622,072 $ 541,436 $ 317,266 $ 314,262

TRUST UNIT ACTIVITY: Trust units at beginning of period 4,209 4,605 16,913 15,401 19,768 20,113 Sale of trust units 120 708 3,377 2,781 918 1,858 Trust units redeemed (365) (1,104) (400) (1,269) (1,111) (2,203) Units issued in reinvestment of dividends ------

TRUST UNITS AT END OF PERIOD 3,964 4,209 19,890 16,913 19,575 19,768

See notes to financial statements 77 CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 1- Nature of Organization and Summary of Significant Accounting Policies

Catholic United Investment Trust (CUIT) is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 946, “Financial Services – Investment Companies”.

Nature of Organization CUIT is comprised of ten professionally managed, no-load, open-end, pooled investment funds (CUIT Funds) for the exclusive benefit of religious organizations that are listed, or eligible for listing, in the Kenedy Official Catholic Directory of the Roman Catholic Church in the United States. CUIT is exempt from registration under the Investment Company Act of 1940 and the Trust Units issued by CUIT are exempt from registration under the Securities Act of 1933. The CUIT Funds with one class and multiclass funds Class A units do not have a minimum initial investment requirement. Initial investment for Class B units for the CUIT Intermediate Diversified Bond, Opportunistic Bond, Value Equity, Growth, and International Equity Funds is $5.0 million. Initial investment for Class B units for the CUIT Core Equity Index Fund and Small Capitalization Equity Index Fund is $3.0 million.

The specific investment objectives of the CUIT Funds are as follows:

Money Market Fund The Money Market Fund’s objective is to provide participating organizations investments in high quality short-term money market instruments in a portfolio with a weighted average maturity of less than 90 days consistent with its specific objective of seeking optimal current income to the extent consistent with preservation of capital.

Short Bond Fund The Short Bond Fund’s objective is to provide participating organizations maximum current income to the extent consistent with preservation of capital by investing primarily in fixed income obligations issued by the U.S. Government or its agencies, fixed income obligations issued by corporations, mortgage-backed and asset backed securities. The Short Bond Fund’s portfolio effective duration will be similar to that of its benchmark, the Merrill Lynch 1-3 year Treasury Index, generally one to two years.

Intermediate Diversified Bond Fund The Intermediate Diversified Bond Fund’s objective is to provide participating organizations current income and long-term capital appreciation through investments primarily in fixed income obligations issued by the U.S. Government or its agencies, obligations issued by corporations, mortgage-backed and asset-backed securities. The Intermediate Diversified Bond Fund’s portfolio effective duration will be similar to that of its benchmark, the Barclays Capital Aggregate Bond Index, generally four to six years.

Opportunistic Bond Fund The Opportunistic Bond Fund seeks current income and to provide relatively low correlation to equity assets. While it will generally offer short duration bond exposure similar to its benchmark, the Barclays 1-5 Year Government Credit Index,one- half to five years, its sub-advisers will have substantial discretion to modify effective duration and to implement strategies utilizing a wide range of physical bond, equity and derivative strategies.

Balanced Fund The Balanced Fund’s objective is to provide participating organizations current income and long-term appreciation through investments in equity securities primarily issued by companies with large market capitalizations, as well as U.S. Government securities (and securities of its agencies and instrumentalities) and other fixed income securities. The assets of the Balanced Fund are generally allocated 60% to equity securities and 40% to fixed income securities.

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NOTES TO FINANCIAL STATEMENTS

Note 1- Nature of Organization and Summary of Significant Accounting Policies (continued)

Value Equity Fund The Value Equity Fund’s objective is to provide participating organizations long-term capital appreciation by investing primarily in a broadly diversified portfolio of equity securities of large and established companies that are believed to be undervalued.

Core Equity Index Fund The Core Equity Index Fund’s objective is to replicate the aggregate price and yield performance of the Standard & Poor’s Composite Stock Price Index (the S&P 500® Index), an index that emphasizes large capitalization companies, while adhering to the CBIS Commitment to Catholic Responsible Investing. “S&P 500®” is a registered trademark of McGraw- Hill. Neither McGraw-Hill nor Standard & Poor’s is a sponsor of, or affiliated in any way with, the Core Equity Index Fund and neither endorses the Core Equity Index Fund.

Growth Fund The Growth Fund’s objective is to provide participating organizations long-term capital appreciation through investing primarily in equity securities of well-established, medium to large companies that are believed to have above-average market appreciation potential.

International Equity Fund The International Equity Fund’s objective is to provide participating organizations long-term capital appreciation by investing primarily in a broadly diversified portfolio of equity securities of well-established companies based in those countries included in the Morgan Stanley Capital International All Country World Ex-USA Index that are believed to have above-average market appreciation potential. The International Equity Fund will adhere to the CBIS Commitment to Catholic Responsible Investing, to the extent reasonably feasible and practicable given the different legal standards that may prevail in foreign countries or the degree of information that may be available to CBIS regarding foreign securities.

Small Capitalization Equity Index Fund The Small Capitalization Equity Index Fund’s objective is to replicate the total return of the Russell 2000 ® Index, an index which emphasizes small capitalization common stocks, while incorporating the CBIS Commitment to Catholic Responsible Investing. It is designed for long-term investors seeking the advantages of a low-cost, “passive” approach for investing in a diversified portfolio of common stocks. The Russell 2000 ® Index is an index of 2,000 small company stocks that is created by taking the largest 3,000 companies in the United States and eliminating the largest 1,000 of those companies.

Net Asset Value and Valuation of Securities

Each CUIT Fund calculates its net asset value (NAV) per share each business day as of the close of trading on the New York Stock Exchange (NYSE) (normally 4:00 p.m. Eastern time). The CUIT Funds do not calculate NAV on days the NYSE is closed for trading, which include New Year’s Day, Martin Luther King Jr. Day, President’s Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

All Funds other than the Money Market Fund

The net asset value (NAV) of each CUIT Fund is determined by the fair value of each Fund’s securities and other assets, less any liabilities. The net asset value per trust unit is obtained by dividing the total net asset value of each class of the respective CUIT Fund by the number of trust units outstanding. For this purpose, securities listed or traded on a national or foreign securities exchange are valued at their last sale price or, if there have been no sales on that day, at the most recent bid price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (NOCP). Securities traded in the over-the-counter market not covered by the NASDAQ are valued at the latest bid price. Debt securities are valued at the most recent bid price by using market quotations or independent pricing services. Foreign currency forward contracts are valued daily using quoted forward exchange rates. If no quotations are readily available, securities and other assets are valued as the Board of Trustees, or their designees, in good faith deem appropriate to reflect the fair value thereof. See more information about valuing securities under “Fair Value” heading below.

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NOTES TO FINANCIAL STATEMENTS

Note 1- Nature of Organization and Summary of Significant Accounting Policies (continued)

Net Asset Value and Valuation of Securities (continued)

Money Market Fund The Money Market Fund seeks to maintain a net asset value of $1.00 per trust unit. The securities of the Money Market Fund are priced on an amortized cost basis (a security is valued at its original cost basis plus the constant amortization of premium or discount to its maturity). The impact of price changes due to changes in interest rates is not reflected by this pricing method. Periodically, the trust administrator verifies this valuation by calculating the market valu of the Money Market Fund’s securities and compares this to their amortized cost values. There can be no guarantee that it will achieve its objective or that it will maintain a net asset value of $1.00 per trust unit, but the Money Market Fund has maintained a $1.00 net asset value per trust unit since its inception.

Investment Transactions

Investment transactions are accounted for on trade date +1. Realized gains and losses on investments are determined on an identified cost basis. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities net of foreign withholdings are recorded as the information becomes available. Discounts and premiums on securities are amortized over the contractual life of the respective securities using the effective interest method.

Investment transactions for the six months ended June 30, 2016, excluding short-term investments, were as follows (amounts in thousands):

Funds Purchases Proceeds From Sales Money Market Fund $691,118,277 $707,173,737 Short Bond Fund 110,767,951 87,159,048 Intermediate Diversified Bond Fund 1,051,248,614 1,080,745,220 Opportunistic Bond Fund 233,991,467 209,487,167 Balanced Fund 87,015,843 97,252,356 Value Equity Fund 61,943,358 106,229,224 Core Equity Index Fund 192,075,657 121,272,521 Growth Fund 95,842,664 109,471,636 International Equity Fund 213,355,778 115,767,954 Small Capitalization Equity Index Fund 47,532,859 47,854,430

Forward Foreign Currency Translation

Investment securities and all other assets and liabilities of the International Equity Fund denominated in a foreign currency are translated into U.S. dollars at the exchange rates based on the Reuters London close on the date of valuation. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate in effect on the dates of the respective transactions. Realized and unrealized foreign exchange gains or losses on investments are included as a component of net realized and unrealized gain or loss in the statements of operations.

Foreign Security Risk

The International Equity Fund invests a substantial percentage of its assets in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. In addition, changes in currency exchange rates will affect the value of investments denominated in a foreign currency, as well as investment income derived from those securities.

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NOTES TO FINANCIAL STATEMENTS

Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued)

Futures

A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Balanced, Core Equity Index and Intermediate Diversified Bond Funds generally invest in exchange traded futures. These contracts are generally used to provide the return of a type of security without purchasing the securities of the underlying futures contract or to manage the Fund’s overall exposure to the market risk of the fixed income and equity markets. Upon entering into futures contracts, the Fund maintains an amount of cash or liquid securities, with a value equal to a percentage of the contract amount, with either a futures commission merchant or with its custodian in an account in the broker’s name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon the changes in the value of the contract (the variation margin).

Redemption of Trust Units

Participating Organizations may redeem an amount equal to the value of their account plus any accrued income, in whole or in part, by means of a request to withdraw in proper form. Withdrawals from all Funds may be made by written request. The sale price will be the next net asset value for the particular CUIT Fund determined after a valid written redemption request is received. Generally, redemption proceeds will be sent within seven days after receipt of a valid redemption request. Redemption requests for significant amounts may take longer to process. Under unusual circumstances, in order to protect the interests of remaining Participating Organizations, or to accommodate a request by a particular Participating Organization that does not adversely affect the interests of the remaining Participating Organizations, CUIT reserves the right to pay part or all the redemption proceeds in marketable securities instead of cash. In such cases, CBIS, in its discretion, would determine the securities to be delivered in the redemption. If the Participating Organization later wishes to convert the securities to cash, it might incur brokerage or other transaction costs.

The CUIT Funds may suspend the right of redemption during any period when (i) trading on the New York Stock Exchange is restricted or such Exchange is closed, other than customary weekend and holiday closing; or (ii) the Securities and Exchange Commission has by order permitted such suspension, making disposal of portfolio securities or determination of the value of net assets of a particular CUIT Fund not reasonably practicable.

The CUIT Funds have the right, upon thirty (30) days written notice, to redeem involuntarily in cash at net asset value any Participating Organization’s investment in trust units of a given CUIT Fund. Notice of redemption by a CUIT Fund does not preclude a Participating Organization from exercising its right of redemption prior to the expiration of the thirty-day notice period.

The value of trust units on redemption may be more or less than the investor’s cost, depending on the net asset value of a particular CUIT Fund’s trust units at the time of redemption.

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NOTES TO FINANCIAL STATEMENTS

Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued)

Income Taxes

CUIT is exempt from federal income tax under the provisions of Section 501(c)(3) of the Internal Revenue Code and, accordingly, no provision for income taxes has been made in the financial statements. CUIT is also exempt from state income taxes.

A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

CUIT recognizes interest and penalties related to unrecognized tax benefits in interest and income tax expense, respectively. CUIT has no amounts accrued for interest or penalties as of June 30, 2016.

CUIT is no longer subject to examination by U.S. federal taxing authorities for years before December 31, 2011. CUIT does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months.

Distributions to Participants

Certain Funds distribute their net investment income to the participants in the form of additional units on a reinvestment basis. Participants, at their discretion, may redeem such units or retain the units in their accounts. Distributions to participants are recorded on the ex-dividend date.

Income and Other Expense Allocation

Income, fees, realized and unrealized gains (losses) and non-class specific expenses are allocated on a daily basis to each of the classes based on relative net assets of that class to the entire Fund. Class specific fees and expenses, such as distribution, transfer agent and administrative services, are charged directly to the respective class share.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

Subsequent Event

CUIT has evaluated subsequent events for the recognition and disclosure through August 22, 2016 which is the date the semi- annual financial statements were available to be issued.

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NOTES TO FINANCIAL STATEMENTS

Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued)

Fair Value

Any securities for which market quotations are not readily available or are believed to be incorrect are valued at fair value as determined in good faith by the investment advisers under the supervision of the Board of Trustees. The Trust, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of market values normally used by a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance. This may occur particularly with respect to certain foreign securities held by a Fund, in which case the Trust may use adjustment factors obtained from an independent valuation service that are intended to reflect more accurately the fair value of those securities as of the time the Fund’s NAV is calculated. The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

Accounting standards establish a fair value hierarchy and specify that a valuation technique used to measure fair value shall maximize the use of observable inputs and minimize the use of unobservable inputs. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The three levels of the fair value hierarchy are described below:

• Level 1-Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

• Level 2-Quoted prices that are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

• Level 3-Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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NOTES TO FINANCIAL STATEMENTS

Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued)

Fair Value (continued)

A description of the valuation techniques applied to CUIT’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

Equity securities (common & preferred stock): Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy.

Asset backed securities: The fair value of asset backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would be categorized in level 2 of the fair value hierarchy.

Corporate obligations: The fair value of corporate bonds is estimated using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. These have been classified as level 2 of the fair value hierarchy.

U.S. government obligations: These securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These are categorized in level 1 and level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

U.S. agency obligations: U.S. agency obligations are comprised of agency issued debt. Agency issued debt securities are generally valued in a manner similar to U.S. government securities. Depending on market activity levels, these securities are typically categorized in level 1 or level 2 of the fair value hierarchy. These have been classified in level 1and 2 of the fair value hierarchy.

Collateralized mortgage obligations: Collateralized mortgage obligations are comprised of mortgage pass-throughs. Mortgage pass-throughs include to-be-announced (TBA) securities and mortgage pass-through certificates. TBA securities and mortgage pass-throughs are generally valued using dealer quotations. Depending on market activity levels and whether quotations or other data are used, these securities are typically categorized level 2 of the fair value hierarchy

Certificates of Deposit: Fair values are estimated to approximate deposit account balances, payable on demand, as no discounts for credit quality or liquidity were determined to be applicable. These have been classified in level 2 of the fair value hierarchy.

Short term repurchase agreements: Short-term repurchase agreements are recorded at fair value, which is determined to be amortized cost. To the extent the inputs are observable and timely, the values have been categorized in level 1 of the fair value hierarchy.

Money Market: The fair values of money market mutual fund investments are carried at NAV of $1 per share, the values have been categorized in level 1 of the fair value hierarchy.

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NOTES TO FINANCIAL STATEMENTS

Note 1 - Nature of Organization and Summary of Significant Accounting Policies (continued)

Fair Value (continued)

U.S. Treasury bills: U.S. Treasury bills are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. U.S. Treasury bills are typically categorized in level 1 or level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities. These have been classified in level 2 of the fair value hierarchy.

Derivative instruments: Listed derivatives such as futures that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy. Over the counter (OTC) derivative contracts include forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products can be modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the CUIT using pricing models fall into this category and are categorized within the level 2 of the fair value hierarchy.

Municipals: Municipals are normally valued based on quotes and active trades of similar securities as well as reviews of current economic conditions, market psychology, trading levels, spread relationships and the slope of the yield curve. These have been classified as level 2 investments.

Mortgage backed securities-commercial: The fair value of commercial mortgage backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would be categorized in level 2 of the fair value hierarchy; otherwise they would be categorized as level 3. These have been classified in level 2 of the fair value hierarchy.

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NOTES TO FINANCIAL STATEMENTS

Note 1 – Nature of Organization and Summary of Significant Accounting Policies (continued)

Fair Value as June 30, 2016 (amounts in thousands):

Investments in Securities Level 1 Level 2 Level 3 Total Money Market Fund: Asset Backed Securities $ - $1,331 $ - $1,331 Corporate Obligations - 24,275 - 24,275 U.S. Agency Obligations - 28,812 - 28,812 U.S. Government Obligations 1,750 - - 1,750 Short Term Repurchase Agreements 2,288 - - 2,288 Total $4,038 $54,418 - $58,456

Short Bond Fund: Asset Backed Securities - 50,238 - 50,238 Collateralized Mortgage Obligations - 5,216 - 5,216 Mortgage Backed Securities- Commercial - 43,152 - 43,152 Corporate Obligations - 139,695 - 139,695 Municipals - 13,755 - 13,755 U.S. Agency Obligations - 35,439 - 35,439 U.S. Government Obligations - 59,181 - 59,181 Money Market 6,250 - - 6,250 Total $6,250 $346,676 - $352,926

Intermediate Diversified Bond Fund: Asset Backed Securities - 21,191 - 21,191 Collateralized Mortgage Obligations - 166 - 166 Mortgage Backed Securities- Commercial - 9,103 - 9,103 Corporate Obligations - 400,655 - 400,655 Municipals - 15,739 - 15,739 U.S. Agency Obligations - 230,528 - 230,528 U.S. Government Obligations - 480,170 - 480,170 Money Market 59,634 - - 59,634 Total $59,634 $1,157,552 - $1,217,186

Opportunistic Bond Fund: Equity Securities 25,283 - - 25,274 Asset Backed Securities - 28,660 - 28,660 Mortgage Backed Securities- Commercial - 3,489 - 3,489 Collateralized Mortgage Obligation - 36,263 36,263 Corporate Obligations - 151,080 - 151,080 Municipals - 12,540 - 12,540 U.S. Agency Obligations - 73,830 - 73,830 U.S. Government Obligations - 67,383 - 67,383 Money Market 15,342 - - 15,189 Total $40,625 $373,245 $413,870 Equity Securities (Sold Short) (7,368) - - (7,368) Total $33,257 $373,245 - $406,502

Balanced Fund: Equity Securities 119,137 - - 119,137 Asset Backed Securities - 1,579 - 1,579 Mortgage Backed Securities- Commercial - 808 - 808 Corporate Obligations - 28,796 - 28,796 Municipals - 1,027 - 1,027 U.S. Agency Obligations - 16,749 - 16,749 U.S. Government Obligations - 28,042 - 28,042 Money Market 5,113 - - 5,113 Total $124,250 $77,001 - $201,251

86

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 1 – Nature of Organization and Summary of Significant Accounting Policies (continued)

Fair Value as June 30, 2016 (amounts in thousands):

Investments in Securities Level 1 Level 2 Level 3 Total Value Equity Fund: Equity Securities $ 337,786 - - $ 337,786 Money Market 5,596 - - 5,596 Total $343,382 - - $343,382

Core Equity Index Fund: Equity Securities 1,461,671 - - 1,461,671 Money Market 5,897 - - 5,897 Total $1,467,568 - - $1,467,568

Growth Fund: Equity Securities 294,235 - - 294,235 Money Market 656 - - 656 Total $294,891 - - $294,891

International Equity Fund: Equity Securities 603,417 - - 603,417 Money Market 17,854 - - 17,854 Total $621,271 - - $621,271

Small Capitalization Equity Index Fund: Equity Securities 316,673 - - 316,673 Money Market 1,824 - - 1,824 Total $318,497 - - $318,497

(amounts in thousands): Level 1 Level 2 Level 3 Other Financial Asset Liability Asset Liability Asset Liability Total Instruments Intermediate Diversified Bond Fund: Futures - ($3,728) - - - - ($3,728)

Balanced Fund: Futures - ($348) - - - - ($348)

Core Equity Fund: Futures - ($118) - - - - ($118)

International Equity Fund: Forward Currency Contracts - - $12 - - - $12

87

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 2 - Forward Foreign Currency Contracts

The International Equity Fund engages in portfolio hedging with respect to changes in foreign currency exchange rates by entering into foreign currency forward contracts to purchase or sell foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. The unrealized gain, if any, represents the credit risk to the Fund on a foreign currency forward contract. Fluctuations in the value of the foreign currency forward contracts are recorded daily as net unrealized gains or losses. The Fund realizes a gain or loss upon settlement of the contracts. The statements of operations reflect net realized and net unrealized gains and losses on these contracts. Foreign currency at a fixed price on a future date is used as a hedge against either specific transactions or portfolio positions, or as a cross-hedge transaction or for speculative purposes. The objective of a Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates.

Note 3 - Investment Advisory and Administrative Fee

CUIT has contracted with Christian Brothers Investment Services, Inc. (CBIS) to provide investment advisory and administrative services. For providing these services, each Fund is charged an annual fee (see schedule below) based on the average daily net assets of the participating investment account as defined in the management contract. This fee is accrued daily and paid on a monthly basis. Under the management contract, the CUIT Funds bear the following fees and expenses: Trustee compensation; Trustee costs and expenses associated with the holding of Board meetings; expenses relating to the issuance, registration, and qualification of shares of the CUIT Funds in appropriate states (so-called blue sky registrations); fees and expenses of the custodian; auditing fees; fees and expenses of legal counsel; license fees paid to providers of investment indices; expenses related to transfer agency, shareholder servicing and fund accounting; fees associated with the benchmark index and performance analytics software used to assess CUIT Funds performance. The CUIT Funds may also pay fees to consultants based on cost savings achieved by the CUIT Funds attributable to the services of such consultants. Under the management contract, CBIS bears all costs of its operations of the CUIT Funds, excluding those aforementioned fees and expenses borne by the CUIT Funds. The costs borne by CBIS include interest charges; incidental and operational costs associated with the holding of Board meetings; costs associated with holding Participating Organization meetings; costs associated with preparing reports and notices; costs associated with maintaining trade association memberships; record keeping expenses; and any extraordinary expenses.

Fund Annual Fee Money Market Fund 0.25 % Short Bond Fund 0.30% Intermediate Diversified Bond Fund Class A 0.50% Intermediate Diversified Bond Fund Class B 0.35% Opportunistic Bond Fund Class A 0.50% Opportunistic Bond Fund Class B 0.35% Balanced Fund 0.80% Value Equity Fund - Class A 1.00% Value Equity Fund - Class B 0.65% Core Equity Index Fund - Class A 0.35% Core Equity Index Fund - Class B 0.15% Growth Fund - Class A 1.10% Growth Fund - Class B 0.80% International Equity Fund - Class A 1.30%* International Equity Fund - Class B 0.90%* Small Capitalization Equity Index Fund - Class A 0.50% Small Capitalization Equity Index Fund - Class B 0.20%

*On June 1, 2015, the CUIT International Equity Fund reduced its management fee to 1.30% from 1.40% for Class A and to 0.90% from 1.00% for Class B.

88

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 3 - Investment Advisory and Administrative Fee (continued)

Expense Waiver

CBIS has agreed to voluntarily waive its fees or reimbursement expenses, or both, for the following funds: the Money Market Fund so that the total annual fund operating expenses will not exceed 0.35% and the International Equity Fund – Class B so the total annual fund operating expense will not exceed 0.99%. As provided in the Investment Management Agreement between CUIT and CBIS, to the extent that CBIS voluntarily agrees to waive fees and/or reimburse expenses, CUIT, on behalf of such Series, may reimburse CBIS for any of its fee waivers and/or expense reimbursements up to the amount waived or reimbursed during the preceding five-year period. For the periods shown below the total amount of the waived management fee for the Money Market Fund are:

June 30, 2016- $ 199 December 31, 2015 -$ 65,634 December 31, 2014 -$ 56,269 December 31, 2013 -$629,317 December 31, 2012 -$587,533 December 31, 2011 -$382,325

For the period ended June 30, 2016 the total amount of the waived management fee for the International Equity Fund – Class B was $0.

Note 4 – Financial Guarantees The Funds enter into contracts that contain a variety of indemnifications. The Funds' maximum exposure under these arrangements is not known. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Note 5 - Capital Share Transactions

Trust unit activity for the Funds is presented below: Capital Share Transactions for the Period Ended June 30, 2016 (000s)

PROCEEDS SHARES PAYMENTS INCREASE FROM FROM REINVESTMENT FOR (DECREASE) SHARES SHARES REINVESTED OF SHARES SHARES NET INCREASE IN FUND NAME SOLD SOLD DIVIDENDS DIVIDENDS REDEEMED REDEEMED IN SHARES NET ASSETS Intermediate Diversified 762 10,565 101 1,407 (1,785) (24,693) (922) (12,721) Bond Fund Class A Intermediate Diversified 3,689 51,449 800 11,140 (3,632) (50,804) 857 11,785 Bond Fund Class B Opportunistic Bond Fund 433 4,309 45 446 (367) (3,658) 111 1,097 Class A Opportunistic Bond Fund 4,230 42,320 232 2,315 (1,436) (14,331) 3,026 30,304 Class B Value Equity Class A 119 5,901 20 1,047 (179) (9,041) (40) (2,093)

Value Equity Class B 134 6,613 45 2,281 (1,016) (52,596) (837) (43,702)

Core Equity Index Class A 260 11,976 20 978 (212) (9,743) 68 3,211

Core Equity Index Class B 2,250 105,572 256 12,040 (1,131) (52,317) 1,375 65,295

Growth Class A 63 4,439 -- -- (115) (8,113) (52) (3,674)

Growth Class B 57 4,086 -- -- (249) (18,579) (192) (14,493) International Equity Fund 413 12,105 -- -- (252) (7,483) 161 4,622 Class A International Equity Fund 2,964 93,307 -- -- (148) (4,694) 2816 88,613 Class B Small Capitalization Equity 445 6,589 -- -- (451) (6,811) (6) (222) Index Class A Small Capitalization Equity 473 7,131 -- -- (661) (10,595) (188) (3,464) Index Class B

89

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 5 - Capital Share Transactions (continued)

Trust unit activity for the Funds is presented below:

Capital Share Transactions for the Period Ended December 31, 2015 (000s)

PROCEEDS SHARES PAYMENTS INCREASE FROM FROM REINVESTMENT FOR (DECREASE) SHARES SHARES REINVESTED OF SHARES SHARES NET INCREASE IN FUND NAME SOLD SOLD DIVIDENDS DIVIDENDS REDEEMED REDEEMED IN SHARES NET ASSETS Intermediate Diversified 1,859 $25,770 237 $3,304 (9,377) ($130,777) (7,281) ($101,703) Bond Fund Class A Intermediate Diversified 24,453 340,520 1,408 19,479 (5,834) (80,759) 20,027 279,240 Bond Fund Class B Opportunistic Bond Fund 2,564 25,487 102 1,019 (5,778) (57,518) (3,112) (31,012) Class A Opportunistic Bond Fund 7,796 77,558 428 4,251 (2,864) (28,454) 5,360 53,355 Class B Value Equity Class A 248 13,535 21 1,134 ( 1,209) (67,548) (940) (52,878)

Value Equity Class B 961 53,819 55 2,923 (216) (11,870) 800 44,872

Core Equity Index Class A 499 23,557 41 1,877 (888) (42,193) (348) (16,759)

Core Equity Index Class B 3,148 148,606 487 22,452 (2,434) (115,150) 1,201 55,908

Growth Class A 151 10,682 -- -- (939) (66,910) (788) (56,229)

Growth Class B 557 41,277 -- -- (165) (12,180) 392 29,098 International Equity Fund 1,114 35,417 -- -- (888) (28,448) 226 6,969 Class A International Equity Fund 1,667 57,324 -- -- (381) (12,867) 1,286 44,457 Class B Small Capitalization Equity 908 14,818 -- -- (1,419) (23,400) (511) (8,582) Index Class A Small Capitalization Equity 950 16,019 -- -- (784) (13,349) 166 2,670 Index Class B

90

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 6-Securities Lending

All of the CUIT Funds may lend their securities through a security lending program administered by Bank of New York Mellon to earn additional income. The Bank of New York Mellon invests cash received as collateral for the securities loaned in fixed income and equity securities. The value of the cash collateral obtained at the inception of the security loan is at least 102% of the market value of the loaned securities. The securities loaned and the collateral is marked to market daily. The collateral is maintained at not less than 100% of the market value of the loaned securities during the period of the loan. Counter party risk, the risk that the Borrower fails to return the loaned security, is mitigated by the collateral held against the loaned security. This collateral is 102% at inception and is monitored by the bank on a daily basis, and maintained at no less than 100% of the market value of the security loaned.

The CUIT Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Each Fund has the right under the terms of the securities lending agreement to recall the securities from the borrower on demand.

As of June 30, 2016, the CUIT Funds had loaned securities that were collateralized by cash equivalents and forms of non- cash collateral assets. The cash collateral is invested by the custodian in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. A Fund could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent. The schedules of investments for the Funds include the particular cash collateral holdings as of June 30, 2016.

As of June 30, 2016, the market value of the securities on loan and payable on collateral due to broker were as follows:

Fund Market Value of Payable on Collateral Securities on Loan due to Broker Short Bond Fund $17,217,819 $17,569,613 Intermediate Diversified Bond Fund 87,935,823 89,829,818 Opportunistic Bond Fund 4,844,944 4,969,549 Balanced Fund 6,574,960 6,737,794 Value Equity Fund 8,880,922 9,133,455 Core Equity Index Fund 14,960,482 15,299,645 Growth Fund 9,868,097 10,091,562 International Equity Fund 19,229,239 19,790,986 Small Capitalization Equity Index Fund 33,138,267 34,291,924 Totals $202,650,553 $207,714,346

As of June 30, 2016 the collateral by cash equivalents pledged and remaining time to maturity were as follows:

Fund Overnight Up to 30 30-90 Days Greater than Total and Days 90 Days Continuous Short Bond Fund $3,063,750 - - - $3,063,750 Intermediate Diversified Bond Fund 6,091,925 - - - 6,091,925 Opportunistic Bond Fund 3,190,790 - - - 3,190,790 Balanced Fund 2,497,166 - - - 2,497,166 Value Equity Fund 9,133,455 - - - 9,133,455 Core Equity Index Fund 9,031,639 - - - 9,031,639 Growth Fund 4,099,484 - - - 4,099,484 International Equity Fund 15,336,182 - - - 15,336,182 Small Capitalization Equity Index Fund 29,173,946 - - - 29,173,946 Total Borrowings $81,618,337 - - - $81,618,337

91

CATHOLIC UNITED INVESTMENT TRUST

NOTES TO FINANCIAL STATEMENTS

Note 6-Securities Lending (continued)

Interest Income:

The interest income earned by the Funds on investments of cash collateral received from borrowers for the securities loaned to them (“securities lending income”) is reflected in the Funds’ statement of operations. During periods ending June 30, 2016 and December 31, 2015, the Funds listed below generated interest income, net of fees paid to Bank of New York Mellon, from the lending of securities as follows:

Fund Period Ended Year Ended June 30, 2016 December 31, 2015 Money Market Fund $ 775 $ 486 Short Bond Fund 8,953 14,653 Intermediate Diversified Bond Fund 91,349 162,930 Opportunistic Bond Fund 19,883 25,812 Balanced Fund 8,730 18,903 Value Equity Fund 53,839 70,857 Core Equity Index Fund 32,853 65,419 Growth Fund 4,409 5,310 International Equity Fund 61,646 71,642 Small Capitalization Equity Index Fund 279,599 591,941 Total Income $562,036 $1,027,953

92

CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

Condensed financial information for a trust unit outstanding throughout each period is presented below:

Income (loss) from investment Less Ratios to average net operations distributions assets: Net asset value, beginning of period Net investment income (loss) Net realized and unrealized gain (loss)on investments Totalfrom investmentoperations Distributions from net investment income Net asset value, end of period return Total Expenses, net of waivers* Expenses, before waivers Net investment income Net assets, end of period (in millions) Period Ended $ $ $ $ $ $ % % % % $ Money Market Fund

6-30-16 1.00 - - - - 1.00 0.12 0.34 0.34 0.23 85.1 12-31-15 1.00 - - - - 1.00 0.02 0.24 0.33 0.02 74.7 12-31-14 1.00 - - - - 1.00 0.05 0.32 0.40 0.05 61.3 12-31-13 1.00 - - - - 1.00 0.00 0.30 0.67 0.00 95.0 12-31-12 1.00 - - - - 1.00 0.00 0.36 0.66 0.00 170.5

Short Bond Fund 6-30-16 11.03 0.09 0.11 0.20 (0.09) 11.14 1.83 0.34 1.66 339.9 12-31-15 11.13 0.19 (0.10) 0.09 (0.19) 11.03 0.81 0.33 1.72 332.9 12-31-14 11.18 0.20 (0.05) 0.15 (0.20) 11.13 1.37 0.33 1.83 315.6 12-31-13 11.27 0.18 (0.09) 0.09 (0.18) 11.18 0.84 0.34 1.65 263.9 12-31-12 11.18 0.24 0.09 0.33 (0.24) 11.27 2.98 0.35 2.15 219.4

Intermediate Diversified Bond Fund Class A 6-30-16 13.61 0.14 0.60 0.74 (0.14) 14.21 5.50 0.54 2.10 148.4 12-31-15 13.90 0.27 (0.29) (0.02) (0.27) 13.61 (0.13) 0.53 1.97 154.7 12-31-14 13.44 0.29 0.46 0.75 (0.29) 13.90 5.65 0.53 2.15 259.3 12-31-13 13.94 0.26 (0.50) (0.24) (0.26) 13.44 (1.73) 0.54 1.88 305.7 12-31-12 13.42 0.29 0.52 0.81 (0.29) 13.94 6.05 0.55 2.08 401.3

Class B 6-30-16 13.60 0.16 0.60 0.76 (0.16) 14.20 5.58 0.39 2.25 1,070.3 12-31-15 13.90 0.30 (0.30) - (0.30) 13.60 (0.05) 0.38 2.15 1,013.4 12-31-14 13.44 0.31 0.46 0.77 (0.31) 13.90 5.81 0.38 2.30 757.3 12-31-13 13.93 0.28 (0.49) (0.21) (0.28) 13.44 (1.51) 0.39 2.03 522.9 12-31-12 13.41 0.31 0.52 0.83 (0.31) 13.93 6.21 0.40 2.58 623.9

Opportunistic Bond Fund** Class A 6-30-16 9.87 0.07 0.18 0.25 (0.07) 10.05 2.51 0.53 1.37 70.1 12-31-15 9.91 0.14 (0.04) 0.10 (0.14) 9.87 0.98 0.56 1.36 67.8 12-31-14 9.92 0.13 (0.01) 0.12 (0.13) 9.91 1.23 0.57 1.35 98.8 12-31-13*** 10.00 0.05 (0.08) (0.03) (0.05) 9.92 (0.25) 0.56 0.93 74.4

Class B 6-30-16 9.87 0.07 0.18 0.25 (0.07) 10.05 2.59 0.38 1.52 344.4 12-31-15 9.90 0.15 (0.03) 0.12 (0.15) 9.87 1.23% 0.41 1.53 308.5 12-31-14 9.92 0.15 (0.02) 0.13 (0.15) 9.90 1.27% 0.42 1.50 256.5 12-31-13*** 10.00 0.06 (0.08) (0.02) (0.06) 9.92 (0.16) 0.42 1.07 179.0

Balanced Fund 6-30-16 71.74 0.59 1.30 1.89 (0.59) 73.04 2.65 0.90 1.68 201.8 12-31-15 74.40 0.94 (2.66) (1.72) (0.94) 71.74 (2.33) 0.88 1.26 198.4 12-31-14 69.38 1.03 5.02 6.05 (1.03) 74.40 8.80 0.88 1.44 244.1 12-31-13 57.84 0.71 11.54 12.25 (0.71) 69.38 21.29 0.89 1.12 223.6 12-31-12 51.17 0.76 6.67 7.43 (0.76) 57.84 14.59 0.92 1.37 191.8

See notes to financial statements 93 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

Condensed financial information for a trust unit outstanding throughout each period is presented below:

Income (loss) from investment Less Ratios to average operations distributions net assets: Net asset value, beginning of period Net investment income (loss) Net realized and unrealized gain (loss)on investments Totalfrom investmentoperations Distributions from net investment income Net asset value, end of period return Total Expenses, before waivers Net investment income Net assets, end of period (in millions) Period Ended $ $ $ $ $ $ % % % $ Value Equity Fund Class A 6-30-16 52.73 0.41 (1.96) (1.55) (0.41) 50.77 (2.94) 1.05 1.62 133.6 12-31-15 55.11 0.41 (2.38) (1.97) (0.41) 52.73 (3.58) 1.04 0.64 140.9 12-31-14 50.74 0.46 4.37 4.83 (0.46) 55.11 9.57 1.04 0.91 199.0 12-31-13 36.96 0.34 13.78 14.12 (0.34) 50.74 38.32 1.05 0.78 202.9 12-31-12 31.35 0.38 5.61 5.99 (0.38) 36.96 19.15 1.06 1.11 205.2

Class B 6-30-16 52.58 0.50 (1.94) (1.44) (0.50) 50.64 (2.75) 0.70 2.00 208.9 12-31-15 55.01 0.64 (2.43) (1.79) (0.64) 52.58 (3.26) 0.69 1.38 260.9 12-31-14 50.65 0.66 4.36 5.02 (0.66) 55.01 9.97 0.69 1.22 228.9 12-31-13 36.91 0.51 13.74 14.25 (0.51) 50.65 38.80 0.70 1.15 198.0 12-31-12 31.32 0.51 5.59 6.10 (0.51) 36.91 19.54 0.71 1.46 114.2

Core Equity Index Class A 6-30-16 46.48 0.40 0.94 1.34 (0.40) 47.42 2.89 0.39 1.78 127.7 12-31-15 47.14 0.79 (0.66) 0.13 (0.79) 46.48 0.29 0.38 1.67 122.0 12-31-14 42.00 0.71 5.14 5.85 (0.71) 47.14 13.99 0.38 1.58 140.1 12-31-13 32.31 0.58 9.69 10.27 (0.58) 42.00 32.03 0.38 1.57 143.8 12-31-12 28.41 0.56 3.90 4.46 (0.56) 32.31 15.72 0.39 1.78 122.3

Class B 6-30-16 46.46 0.45 0.95 1.40 (0.45) 47.41 3.01 0.19 1.98 1,338.6 12-31-15 47.12 0.88 (0.66) 0.22 (0.88) 46.46 0.50 0.18 1.87 1,248.1 12-31-14 42.00 0.79 5.12 5.91 (0.79) 47.12 14.19 0.18 1.78 1,209.2 12-31-13 32.30 0.66 9.70 10.36 (0.66) 42.00 32.31 0.18 1.78 1,167.7 12-31-12 28.40 0.62 3.90 4.52 (0.62) 32.30 15.95 0.19 1.98 817.7

Growth Fund Class A 6-30-16 71.82 0.13 0.43 0.56 - 72.38 0.78 1.17 0.53 126.8 12-31-15 68.21 0.24 3.37 3.61 - 71.82 5.29 1.16 0.34 129.6 12-31-14 61.09 0.26 6.86 7.12 - 68.21 11.65 1.16 0.41 176.8 12-31-13 45.96 0.20 14.93 15.13 - 61.09 32.92 1.18 0.39 185.4 12-31-12 40.27 0.28 5.41 5.69 - 45.96 14.13 1.20 0.63 184.4

Class B 6-30-16 74.71 0.32 0.37 0.69 - 75.40 0.92 0.86 0.83 166.8 12-31-15 70.73 0.46 3.52 3.98 - 74.71 5.63 0.86 0.62 179.6 12-31-14 63.12 0.49 7.12 7.61 - 70.73 12.06 0.86 0.73 142.4 12-31-13 47.35 0.38 15.39 15.77 - 63.12 33.31 0.87 0.68 118.9 12-31-12 41.36 0.47 5.52 5.99 - 47.35 14.48 0.90 0.94 51.7

See notes to financial statements 94 CATHOLIC UNITED INVESTMENT TRUST FINANCIAL HIGHLIGHTS

Condensed financial information for a trust unit outstanding throughout each period is presented below:

Income (loss) from investment Less Ratios to average operations distributions net assets: Net asset value, beginning of period Net investment income (loss) Net realized and unrealized gain (loss)on investments Totalfrom investmentoperations Distributions from net investment income Net asset value, end of period return Total Expenses, before waivers Net investment income Net assets, end of period (in millions) Period Ended $ $ $ $ $ $ % % % $ International Equity Fund Class A 6-30-16 30.65 0.15 (0.99) (0.84) - 29.81 (2.74) 1.39 1.99 172.7 12-31-15 31.54 0.42 (1.31) (0.89) - 30.65 (2.82) 1.43 1.20 172.5 12-31-14 33.24 0.58 (2.28) (1.70) - 31.54 (5.11) 1.50 1.68 170.5 12-31-13 27.24 0.34 5.66 6.00 - 33.24 22.03 1.51 1.14 181.6 12-31-12 22.86 0.38 4.00 4.38 - 27.24 19.16 1.52 1.46 164.1

Class B 6-30-16 32.70 0.32 (1.14) (0.82) - 31.88 (2.51) 0.99 2.46 449.4 12-31-15 33.52 0.54 (1.36) (0.82) - 32.70 (2.45) 1.03 1.59 368.9 12-31-14 35.18 0.60 (2.26) (1.66) - 33.52 (4.72) 1.09 2.12 335.1 12-31-13 28.72 0.43 6.03 6.46 - 35.18 22.49 1.11 1.43 333.4 12-31-12 24.00 0.46 4.26 4.72 - 28.72 19.67 1.12 1.85 228.8

Small Capitalization Equity Fund Class A 6-30-16 15.63 0.10 0.19 0.29 15.92 1.86 0.55 1.32 100.2 12-31-15 16.41 0.19 (0.97) (0.78) - 15.63 (4.75) 0.54 1.14 98.5 12-31-14 15.71 0.23 0.47 0.70 - 16.41 4.46 0.55 0.93 111.8 12-31-13 11.38 0.12 4.21 4.33 - 15.71 38.05 0.55 0.91 115.0 12-31-12 9.86 0.15 1.37 1.52 - 11.38 15.42 0.56 1.52 100.0

Class B 6-30-16 16.02 0.15 0.18 0.33 16.35 2.06 0.25 1.62 217.1 12-31-15 16.78 0.23 (0.99) (0.76) - 16.02 (4.53) 0.24 1.44 215.8 12-31-14 16.01 0.23 0.54 0.77 - 16.78 4.81 0.25 1.24 223.2 12-31-13 11.57 0.14 4.30 4.44 - 16.01 38.38 0.25 1.22 221.5 12-31-12 9.99 0.23 1.35 1.58 - 11.57 15.82 0.26 1.77 154.6

* Net investment income and expense ratios are annualized for the period June 30, 2016. ** Start date for the CUIT Opportunistic Bond Fund was May 1, 2013. *** Net investment income and expense ratios are annualized for CUIT Opportunistic Bond Fund for the period December 31, 2013.

See notes to financial statements 95